The regulation of cryptocurrencies in the United States is multilayered and disjointed. Most cryptocurrencies are subjected to stringent security regulations by the US Securities and Exchange Commission. Similarly, a number of those same cryptocurrencies are regulated under commodity laws by the Commodity Futures Trading Commission, if they lean more toward derivative trading.
The IRS classifies cryptocurrencies as property, therefore, all crypto activities will be considered capital gains tax in all crypto transactions. Apart from this, each state has its regulations, so the regulatory landscape is different for every place. For instance, New York introduced BitLicense, whereby the companies involved with cryptocurrencies have to obtain a license to be legally operational.
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Publish date : 2024-10-08 06:33:00
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