Crypto’s Big Change: Less Rules, More Support
The U.S. Senate made a big decision about how to treat cryptocurrency. They said no to a rule that would have made crypto platforms tell the IRS about customer transactions. This rule was supposed to start in 2027 and was meant to help with tax collection. But the crypto world said it was unfair because not all crypto platforms work like stock brokerages.
What Happened and Why It Matters
The Senate’s decision is a big deal because it shows that more people in the government are supporting cryptocurrency. This time, even some Democrats and an independent senator voted with the Republicans to say no to the rule. This shows that there’s growing support for crypto across different political parties.
Money and Rules
Getting rid of this rule means the government will get $3.9 billion less in tax money over 10 years, according to a special committee. Some people think this could make it harder to fight financial crimes because more crypto activity might happen in secret. But others are happy because they think strict rules could stop the crypto industry from growing.
Texas Loves Crypto
In another big news, Texas is thinking about buying Bitcoin with taxpayer money. A senator from Texas wants to use state money to buy crypto to show support for the crypto industry and protect against future money problems.
What’s Next for Crypto?
Crypto still has big challenges ahead, like figuring out rules and making sure it’s safe. The White House is having a big meeting about crypto soon, and that could help make things clearer. The Senate’s decision and Texas’s plan show that crypto rules are changing and will keep changing in the U.S.
Crypto’s Future: Less Rules, More Talk
The Senate’s decision is a big change for cryptocurrency. It’s good for crypto because it means less rules, but it also means there are still questions about taxes and safety. As crypto keeps growing, it’s important to find a good balance between rules and letting crypto do its thing. The White House meeting and other talks will help decide what happens next for digital money in the U.S.
Sources: pymnts.com, quorumreport.com, coinstats.app, govinfo.gov, cryptoslate.com
