{"id":616600,"date":"2021-08-06T17:36:28","date_gmt":"2021-08-06T21:36:28","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=616600"},"modified":"2021-08-06T17:36:30","modified_gmt":"2021-08-06T21:36:30","slug":"biden-administration-backs-plan-to-increase-disclosure-requirements-for-cryptocurrency","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-administration-backs-plan-to-increase-disclosure-requirements-for-cryptocurrency\/","title":{"rendered":"Biden Administration Backs Plan to Increase Disclosure Requirements for Cryptocurrency"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-administration-backs-plan-to-increase-disclosure-requirements-for-cryptocurrency%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=616600&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div readability=\"30.489675516224\">\n\t\t\t<span class=\"article-category\"><a class href=\"https:\/\/freebeacon.com\/policy\/\">Policy<\/a><\/span><\/p>\n<p class=\"article-excerpt\">Critics say amendment would kill the multi-trillion-dollar digital currency industry<\/p>\n<figure class=\"post-thumbnail-container relative lg:mr-24 w-full my-4 mb-8\">\n\t\t<img decoding=\"async\" loading=\"lazy\" width=\"485\" height=\"340\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/08\/Bitocin-logos-1.jpg\" class=\"w-full lazyload blur-up wp-post-image\" alt=\"Bitcoin logos are displayed at the Inside Bitcoins conference and trade show, Monday, April 7, 2014 in New York\" srcset=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" sizes=\"auto, (max-width: 485px) 100vw, 485px\" data-srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/08\/Bitocin-logos.jpg 485w, https:\/\/freebeacon.com\/wp-content\/uploads\/2015\/03\/Bitocin-logos-300x210.jpg 300w\" data-sizes=\"auto\" \/><figcaption class=\"absolute text-white p-4 w-full text-right text-xs bottom-0 bg-black opacity-75\">\n\t\t\t\tBitcoin logos are displayed at the Inside Bitcoins conference and trade show, Monday, April 7, 2014 in New York \/ AP\t\t\t<\/figcaption><\/figure>\n<p>\t\t\t<span class=\"text-gray text-xs md:text-lg\"><a href=\"https:\/\/freebeacon.com\/author\/santi-ruiz\/\" title=\"Posts by Santi Ruiz\" class=\"author url fn text-red-700\" rel=\"author\">Santi Ruiz<\/a> \u2022 August 6, 2021 5:30 pm<\/span><\/p><\/div>\n<div readability=\"74.738819992484\">\n<p>The Biden administration is throwing its support behind a legislative push to make cryptocurrency brokers disclose user transactions to the federal government, the latest volley in a battle over digital currency regulation.<\/p>\n<p>The White House on Thursday <a href=\"https:\/\/www.washingtonpost.com\/politics\/2021\/08\/06\/crypto-bitcoin-infrastructure-senate\/\" target=\"_blank\" rel=\"noopener\">signaled<\/a> its support for an amendment to the Senate infrastructure bill that would increase government control over the currently unregulated space. Cryptocurrency advocates say the amendment from Sens. Rob Portman (R., Ohio) and Mark Warner (D., Va.) would kill the rapidly growing industry in the United States.<\/p>\n<p>The amendment is the latest move from the Biden administration to rein in the cryptocurrency industry. SEC chair Gary Gensler on Tuesday <a href=\"https:\/\/www.cnbc.com\/2021\/08\/03\/the-sec-needs-more-power-from-congress-to-fully-regulate-crypto-chair-gensler-says.html\" target=\"_blank\" rel=\"noopener\">described<\/a> his plans to regulate an industry he described as &#8220;the Wild West.&#8221; Treasury Secretary Janet Yellen has criticized crypto &#8220;mining&#8221; processes, <a href=\"https:\/\/www.cnbc.com\/2021\/02\/22\/yellen-sounds-warning-about-extremely-inefficient-bitcoin.html\" target=\"_blank\" rel=\"noopener\">arguing<\/a> they take up dangerous amounts of energy. Former Obama economist Jason Furman <a href=\"https:\/\/twitter.com\/JStein_WaPo\/status\/1423649157387112450?s=20\" target=\"_blank\" rel=\"noopener\">called into question the entire cryptocurrency space on<\/a> Friday, <a href=\"https:\/\/twitter.com\/JStein_WaPo\/status\/1423649157387112450?s=20\" target=\"_blank\" rel=\"noopener\">saying<\/a>, &#8220;If the technology makes it impossible to know people\u2019s capital gains, then the technology should not exist.&#8221;<\/p>\n<p>Cryptocurrency advocates say the amendment would unduly burden the industry. In particular, they criticize the amendment for its overly broad definition of what constitutes a &#8220;broker.&#8221; Because cryptocurrencies are decentralized, many or most participants in the space could be classified as brokers under the text\u2019s definition. And because most actors in the space are anonymous, the amendment would require participants in the industry to disclose information they have no way of accessing.<\/p>\n<p>Industry leaders say the amendment would force &#8220;miners&#8221; who devote computer power to creating new cryptocurrency out of the country. In June, China <a href=\"https:\/\/www.nasdaq.com\/articles\/how-chinas-bans-are-changing-the-bitcoin-mining-landscape-2021-06-29\" target=\"_blank\" rel=\"noopener\">cracked down<\/a> on mining, leading to an influx of mining activity in the United States. &#8220;Banning mining in the US would be an act of legislative stupidity on a par with prohibition,&#8221; <a href=\"https:\/\/twitter.com\/nic__carter\/status\/1422030792360873991?s=20\" target=\"_blank\" rel=\"noopener\">said<\/a> Nic Carter, a partner at Castle Island Ventures, a crypto-focused venture fund.<\/p>\n<p>Other observers note that the amendment could make it harder for upstart companies to compete with big tech platforms in the cryptocurrency space. Cato Institute scholar Will Duffield <a href=\"https:\/\/www.cato.org\/blog\/overbroad-cryptocurrency-regulation-threatens-speech-too\" target=\"_blank\" rel=\"noopener\">said<\/a> decentralized networks would face administrative burdens if they were required to report every transaction.<\/p>\n<p>The battle over crypto amendments has delayed the massive infrastructure bill, which is expected to pass. A bipartisan group of senators has put forward <a href=\"https:\/\/www.finance.senate.gov\/chairmans-news\/wyden-lummis-toomey-amendment-would-clarify-digital-asset-reporting-requirements\" target=\"_blank\" rel=\"noopener\">a separate amendment<\/a> that would restrict who has to disclose cryptocurrency transactions to the government.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Policy Critics say amendment would kill the multi-trillion-dollar digital currency industry  Bitcoin logos are displayed at the Inside Bitcoins conference and trade show, Monday, April 7, &#8230;<\/p>\n","protected":false},"author":7,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-616600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/616600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=616600"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/616600\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=616600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=616600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=616600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}