US Rep. Sherman Warns: Cryptocurrency as Currency Will Hinder Tax Enforcement

IconCryptoNewsTerminal Staff22 May, 2024

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US Rep. Sherman Warns: Cryptocurrency as Currency Will Hinder Tax Enforcement

Brad Sherman, a US House of Representatives member known for his opposition to cryptocurrency, expressed concerns about the potential impact of cryptocurrency on tax enforcement. He stated, "The long-term goal of cryptocurrency is to create a new currency. Cryptocurrency literally means hidden money, and if it becomes a currency, it will be impossible to enforce tax laws." Sherman's comments highlight the ongoing debate about the regulatory framework for cryptocurrency and its implications for government revenue collection. The decentralized nature of cryptocurrency makes it challenging for traditional tax enforcement methods to track and monitor transactions. As the use of cryptocurrency continues to grow, policymakers will need to address these concerns while balancing the need for innovation and the protection of tax revenue.

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