On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
The Biden administration is reportedly pushing to include global crypto data sharing rules in the $3.5 trillion budget package. The Treasury wants crypto businesses to report information on foreign account holders “so that the U.S. can share information with global trading partners.”
Treasury Wants to Impose More Crypto Rules
The U.S. Treasury is reportedly pushing to include more rules for tax compliance on cryptocurrency transactions in the upcoming $3.5 trillion budget plan.
The Biden administration is hoping to add the requirements for crypto businesses to report information on foreign account holders “so that the U.S. can share information with global trading partners,” Roll Call reported Monday, citing an administration official who wasn’t authorized to speak for the record.
According to the Treasury’s Greenbook, “The global nature of the crypto market offers opportunities for U.S. taxpayers to conceal assets and taxable income by using offshore crypto exchanges and wallet providers. U.S. taxpayers also attempt to avoid U.S. tax reporting by creating entities through which they can act. To combat the potential for crypto assets to be used for tax evasion, third party information reporting is critical to help identify taxpayers and bolster voluntary tax compliance.”
However, in order to get access to that information, U.S. officials need the ability to provide the same data to other countries on their own citizens with U.S. accounts. This is part of the “tax information exchange agreements,” the publication conveyed.
This effort to impose more rules on crypto transactions followed the extensive lobbying to limit the definition of a broker in the $1.2 trillion infrastructure bill which the Senate recently passed. Following backlash from lawmakers and the crypto community, an official with the Treasury Department assured that even without an amendment, non-brokers, such as miners and software developers, will not be targeted.
What do you think about the Treasury’s global crypto data-sharing proposal? Let us know in the comments section below.
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