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The U.S. Securities and Exchange Commission (SEC) on Monday defended its authority to oversee certain cryptocurrency assets in court, as Binance urged a federal judge to dismiss the regulator's case against the world's largest crypto exchange.
It was a big week for cryptocurrency on Capitol Hill, with the House moving forward with a couple major pieces of legislation and a bipartisan caste of senators planning an even more aggressive bill.
The current Supreme Court term will, starting this week, determine whether the constitutional right to abortion will be gutted and if sweeping new restrictions will be allowed in much of the country.
Internal Revenue Service (IRS). “Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” the Treasury said in a press release. “Within the context of the new financial account reporting regime, cryptocurrencies and cryptoasset exchange accounts and payment service accounts that accept cryptocurrencies would be covered. Further, as with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on.” A growing number of Wall Street analysts have sounded...