U.S. federal agencies plan to redefine 'money' as used in the rules of the Bank Secrecy Act to tighten reporting requirements for financial institutions regarding domestic and cross-border cryptocurrency transactions. The proposed rulemaking is expected by September 2025, pending clearance.
https://public-inspection.federalregister.gov/2024-16461.pdf
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121 sats \ 3 replies \ @siggy47 19 Aug
So I assume this means transacting in bitcoin will no longer be a taxable event? 😀
All kidding aside, this is almost certainly bad news. Increased regulation will scare away small, innovative development, and innocent activities will be banned. Privacy will be further eroded.
Good morning!
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43 sats \ 1 reply \ @Bell_curve 19 Aug
Chevron violation
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21 sats \ 0 replies \ @siggy47 19 Aug
That's a very good point. The way to challenge it is to bring a lawsuit after the agency issues it's directive.
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64 sats \ 0 replies \ @Zk2u 19 Aug
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