Regulators in the rapidly evolving crypto space are coming up with wildly divergent ideas about what it is and how to regulate it.
Two of the biggest issues that touch an alphabet soup of regulators are securities law and taxation, writes Laura Shin at bizjournals.com.
Most pressing in the securities realm is the question of whether projects raising funds with cryptocurrencies like bitcoin or Ether should be subject to federal registration and disclosure requirements.
In late 2016, the Internal Revenue Service asserted that holders of crypto assets are evading taxes and asked for the data, even customer chat logs, on all of Coinbase’s users over three years, causing privacy advocates to protest. After a legal battle, in November 2017 a court restricted the order to customers who had more than $20,000 in annual transactions on the platform.
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