May 25, 2021
While dancing around the subjects for the past couple of years, the chief financial regulators have finally announced a regulation on Bitcoin in the U.S. The treasury has announced that any transfer of the electronic currency totaling over $10,000 dollars must be reported to the IRS. This was part of a larger effort by the Biden Administration to crack down on tax evasion which included supervisory funding for coin regulation. The treasury cited criminal activity and tax evasion as the main purpose of the regulatory steps, giving cash as a comparison. The announcement put an end to bitcoin's short rally, but some investors see this as a positive outcome for crypto. Regulation adds legitimacy to the asset.
FINSUM + Magnifi: A certain portion of bitcoin’s value is in illegal activity but lots of fintech is utilizing digital currency, and we also think oversight adds legitimacy to bitcoin.
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