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Over the last few weeks, US President Joe Biden has started reaching out to major players in the crypto space, potentially signaling that his administration is walking back their recent crypto crackdown. However, with election season rapidly approaching, the industry finds itself questioning what to expect in the long run. Biden’s unpopular crypto crackdown The Biden administration has been supportive of controversial SEC crypto tax and custody regulations that many in the crypto industry have criticized as impractical and detrimental to the space. The regulations would see to it that investors would be unable to write off capital gains losses on unprofitable crypto trades made in quick succession or between similar assets, making many types of crypto trading and yield farming untenable. Financial institutions dealing in crypto would also be required to adhere to lengthy crypto custody reporting guidelines that would consume resources and potentially overwhelm the accounting departments of even the largest businesses in the industry. The administration states that these guidelines could generate $40 billion in tax revenue over the next decade. These guidelines are part of the SEC’s Staff Accounting Bulletin rules called SAB 121. Biden has signaled that he aims to overturn a recent ruling to scrap these guidelines, with lawmakers and industry participants throughout the crypto and blockchain space urging him to reconsider, and crypto lobbyists have donated $78 million in funding to politicians supporting crypto-friendly tax and custody regulations. Crypto super PAC fights back Three separate political action committee’s have joined forces to create a super PAC aimed at funding pro-crypto politicians. The three groups are called Protect Progress, Fairshake, and Defend American Jobs. While the full list of donors will not be available until early next year when campaign finance reports are disclosed, a number of household names are reportedly taking part. The…

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Filed under: News - @ June 2, 2024 3:14 am