Ripple sent an open letter to the U.S. Congress intending to explain the differences between various blockchains and digital currencies. In the letteer the company stressed the willingness to cooperate with the authorities.
Mark Zuckerberg has made it clear that Facebook will not launch its Libra crypto until all the regulators have been brought on board and every regulatory issue resolved satisfactorily.
It seems that big companies as Facebook, Amazon and Google might be forbidden to launch their digital assets. If the Congress’s Bill pass – they could face with paying $1K penalties per day. Even though it’s not likely for bill to pass, it presents another obstacle for Facebook’s Libra.
In another attack on the Libra developments, 33 lawmakers have requested Congress to ask Facebook to stop further development on Libra before they answer all their concerns and questions.
According to the IRS, they are now working on comprehensive crypto taxation guidance, which will in-depth explore ‘acceptable methods for calculating cost basis, acceptable methods of cost basis assignment, and the tax treatment of forks’.
Andrew Yang, a United States Democratic presidential candidate for the 2020 elections, advocates for clearer crypto regulation and Bitcoin adoption.
Defining cryptocurrencies has been an ongoing difficulty in the industry as multiple branches within the United States have different ways to govern it. However, one ongoing debate is over whether certain tokens should be considered securities.