A crypto lobbying organization has sued the state of Illinois over a last-minute tax provision inserted into the state budget last month. The Digital Chamber alleged that Illinois’ Digital Asset Tax Act violated both the U.S. and state constitutions and is preempted by a federal tax law. The lawsuit, filed Tuesday, asks a federal judge […]
A package of several crypto tax bills may not be ready yet for prime time, as a U.S. House Ways and Means Committee hearing revealed potentially significant questions from lawmakers that suggested the panel hasn’t achieved a bipartisan embrace of the bills that would tailor a clearer tax code for digital asset gains. The latest […]
The House Ways and Means Committee circulated seven draft bills ahead of this week’s hearing on crypto tax policy, signaling what the industry can expect. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions. The narrative The House Ways and […]
Congressman Steven Horsford told CoinDesk’s Consensus Miami conference Tuesday that his bipartisan PARITY Act is an incremental path forward in a Congress where Senate market-structure negotiations have stalled. “PARITY is designed to set a durable floor, not to be the last word,” he said, noting that existing problems need to be resolved “clearly within the […]
Congressmen Steven Horsford (D-Nev.) and Max Miller (R-Ohio) re-introduced their Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields (PARITY) Act late last month, seeking to update how the U.S. addresses crypto and taxes. Congress is going to address taxes (in general) in the coming months, and crypto may end up part of this. It’s […]
Japan is preparing to overhaul how it taxes cryptocurrency gains, moving toward a flat 20% levy that would bring digital assets in line with equities and investment trusts, per Nikkei. The shift marks the country’s most significant policy update for the sector in years and reflects a growing view among regulators that crypto has matured […]