UNITED STATES MOVING TOWARDS CRYPTO
March 22, 2022 - Douglas Myser
United States moving towards crypto. President Joe Biden is expected to sign a order that will be a beginning of the regulation of the cryptocurrency asset class, and will be used to regulate how the digital currency is traded. It is also being done, coincidentally, due to the Ukraine invasion, and the economic sanctions on Russia, and the intent of prohibiting Russia from getting around those sanctions by trading in cryptocurrency. The Treasury Department and IRS are all going to be heavily involved in the regulations, negotiations, and implementation during the implementation of, and rollout of the process. United States moving towards crypto.
Two people who are involved in the negotiations said the order on cryptocurrency was to be issued and it has actually been worked on for some time, long before the war began, but would be used against Russia just the same. It is also expected to include a request for the State Department to ensure that American cryptocurrency laws are aligned with those of U.S. allies and will ask the Financial Stability Oversight Council which monitors the stability of the U.S. financial system, to study illicit finance concerns. The order will also explore the possibility of a new central bank digital currency. The Federal Reserve issued information about this earlier, where it went into detail about the ideas.
Implicit in the order will be the fact that crypto is going to be absorbed into the U.S. financial system in the coming years and how to best go about dong that. Many U.S. citizens who have been stashing money from the IRS, have called us about unfiled tax returns, worried that eventually, they would have to come to terms with those tax returns, and the income converted into cryptocurrency. We tell them to explore options for dealing with a IRS debt, including all Tax Relief options such as the IRS Fresh Start Program. prior to a IRS Wage Garnishment, and the best way to do that is with a Tax Resolution firm.