Ted Cruz and Ron DeSantis take on the ‘digital dollar’: Law Decoded, March 20–27

Two lawmakers in one week have voted against the possibility of a US Central Bank Digital Currency (CBDC). Florida Governor Ron DeSantis was expected by many to drop his hat in the ring for the 2024 US presidential election, but he called for a ban on the digital dollar in the state. DeSantis objected to the Federal Reserve issuing and managing his CBDC, arguing that the initiative would give the government “more power.”

Texas Senator Ted Cruz has gone even further by introducing a bill that would prevent the Fed from issuing central bank digital currency “direct to the consumer.” Cruz said it was “more important than ever” to ensure U.S. policy on digital currencies “protects financial privacy, preserves dollar dominance and fosters innovation.” rice field. The anti-CBDC bill is his second attempt by Senators Cruz, Brown, and Grassley, who introduced a similar bill on March 30, 2022, to ban the Fed from issuing his CBDC directly to individuals. I’m here.

Congressman Tom Emer introduced another anti-CBDC bill in February. The bill would ban the Fed from issuing digital dollars directly to anyone, ban central banks from implementing monetary policies based on CBDCs, and potentially require transparency in projects related to digital dollars. there is. It is also presented as a clear effort to protect Americans’ right to economic privacy.

G7 Collaborates to Strengthen Crypto Regulation

The next G7 meeting in May could bring global pressure from the world’s seven developed nations for tighter regulations on cryptocurrencies. Leaders from Japan, the United States, the United Kingdom, Canada, France, Germany, and the European Union are working together to increase crypto transparency, strengthen consumer protection, and address potential risks to the global financial system. Outline your cooperation strategy. told journalists.

Recommendations on the regulation, supervision and monitoring of global stablecoins, cryptocurrency activity and markets are expected to be submitted by July and September 2023. However, it’s unclear what the overall tone of the recommendation will be.

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IRS seeks public feedback on taxing NFTs

The U.S. Internal Revenue Service (IRS) said it plans to release guidance on treating non-fungible tokens (NFTs) as collectibles under U.S. tax law. Collectibles under U.S. tax law “do not receive as favorable capital gains tax treatment as other capital assets,” according to the government agency, highlighting how crypto assets are currently taxed in the country. seems to show Under US tax law, the sale of collectibles such as coins and artwork is subject to a capital gains tax rate of up to 28%. The proposed IRS guidance could apply the same standards to NFTs that prove ownership of coins, works of art, or similar collectibles.

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Texas lawmakers submit resolution to protect bitcoin miners

Texas Congressman Cody Harris has submitted a resolution to the state legislature saying that “the Bitcoin economy is welcome.” Harris told the Texas legislature, “I support protecting individuals who code or develop on the Bitcoin network, as well as miners and Bitcoin holders operating in the Lone Star State. ” is encouraged. Concurrent Resolution 89, if adopted, would have little effect on Texas laws and regulations, and would set off a certain sentiment among members of Congress.

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