North Carolina Congressman Reintroduces Crypto Tax Bill - CoinDesk
The United States is trailing in the regulation game regarding cryptocurrencies.
One of the biggest issues is the fact the IRS has deemed cryptocurrency to be taxed like a security, meaning capital gains must be paid if a profit is made.
This stems from the SEC's declaration about cryptocurrencies being securities.
The problem with this is it is a nightmare for individuals. Each transaction must be recorded to show profit or loss. If there is a profit, and it is not offset with a loss, short term capital gains are owed. This applies to even something that is held for a matter of minutes like Litecoin to conduct a transaction from one currency to another.
A bill was recently introduced by a North Carolina Congressman to help alleviate this. The bill is now in the House Ways and Means committee.
The United States needs to get their regulatory situation straightened out before it is too late.
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