U.S President Joe Biden Elects New CFTC Chair To Monitor Crypto Market
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Overtime, Cryptocurrencies has proven to provide crucial importance and benefit to the world as it overcomes lack of trust, security, and by increasing financial access to the masses. Not only does cryptocurrencies have the potential to boost-strap economic and social growth throughout the world, but it's also being widely adopted by big organizations, innovations and now becoming a mouthwatering target for government institutions.
As we might have seen on the news and other publications on the internet, it's safe to say the US president has been monitoring the crypto market. Just recently, he Elected a new CFTC to oversee the crypto market.
In what appears to be a long-overdue appointment, Rostin Behnam will be named chair of the U.S. Commodity Futures Trading Commission by President Joe Biden, according to an Aug. 14 report by Bloomberg. Source.
The Biden administration has been looking for a means to crack down on the crypto market as it poses a threat to tax payment, security, etc. Just the other day the U.S Treasury implemented the American Families Plan. This plan goes against anyone depositing more than $10,000 into crypto exchange/wallet.
What this means is, if you're depositing more than $10,000 into your checking/deposit account, that said the bank is required to report such transaction to the federal government respectfully.
The report says...
" Cryptocurrencies pose a significant detection problem by facilitating illegal activity broadly including tax evasion. "
As a crypto investor, have it at the back of your mind to keep track of your digital assets throughout the year. Also, manage your risk, and report your cryptocurrency at tax time, and understand how government regulatory actions might be a hindrance to your funds/investment.
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For sure, cryptocurrencies have been an important tool to avoid sanctions and taxes, which causes a hard blow to the budget of governments, therefore, the war will continue until they do not find a way to generate dividends for the investments that society can generate in this crypto world.
Good information my friend @adsactly
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