US House Member Brad Sherman Proposes Crackdown on Crypto Transactions

IconCryptoNewsTerminal Staff13 Jun, 2024

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US House Member Brad Sherman Proposes Crackdown on Crypto Transactions

Rep. Brad Sherman (D-CA), a leading cryptocurrency skeptic, has introduced an amendment to the National Defense Authorization Act (NDAA) that would require the reporting of crypto transactions over $10,000 to the Internal Revenue Service (IRS) if they occur through an offshore account. The amendment, if passed, would significantly increase the reporting requirements for crypto transactions and could make it more difficult for individuals to avoid paying taxes on their crypto gains. Sherman has been a vocal critic of cryptocurrency, calling it a "scam" and a "threat to national security." He has also introduced legislation in the past that would have banned the use of cryptocurrency. The cryptocurrency industry has opposed Sherman's amendment, arguing that it would stifle innovation and drive crypto businesses offshore. The industry has also argued that the current reporting requirements for crypto transactions are already sufficient.

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