In this regulatory roundup, we cover the U.S. SEC approving a bitcoin futures fund, the new IRS tax form targeting crypto owners, and several more steps taken by the U.S. government toward crypto regulation. We also cover India’s central bank digital currency plan, South Korea’s crypto taxation plan, and the European Commission’s announcement regarding stablecoins.
Also read: Regulatory Roundup – Germany to Let Banks Sell and Store Crypto, Laws Changing in Asia
SEC, IRS, Financial Stability Council, Senate
Several U.S. regulators took some notable steps pertaining to their cryptocurrency oversight last week. In the financial sector, the Securities and Exchange Commission (SEC) green-lighted a bitcoin futures fund while still contemplating whether to approve bitcoin exchange-traded funds (ETFs). The NYDIG Bitcoin Strategy Fund is now preparing to launch with the objective of investing in cash-settled bitcoin futures contracts traded on CFTC-registered commodity exchanges. Stone Ridge Trust VI will be the fund’s investment advisor.
Over in the tax arena, the Internal Revenue Service (IRS) has finalized and published a new tax form mandating tax filers to disclose whether they bought, sold, exchanged, or acquired any cryptocurrencies during 2019. The agency also revealed its plans last week to identify and convict crypto tax evaders.
Meanwhile, the U.S. Financial Stability Oversight Council, chaired by Secretary of the Treasury Steven Mnuchin, has published a report discussing crypto assets. While noting that their market capitalization has grown rapidly, the council asserted that “so far, digital assets have not been widely adopted as a means of payment or store of value.” Nonetheless, the report details:
The council recommends that federal and state regulators continue to examine risks to the financial system posed by new and emerging uses of digital assets and distributed ledger technologies.
In
