US Senate takes a stand for freedom

Senate repeals the crypto tax reporting rule that was put in place during Biden's administration. If you weren't sure about the difference between freedom and a slippery slope towards total control and financial servitude, look at what's happening. While the EU is busy rolling out its CBDCs and the MiCA law took effect this year (with more changes coming in September), the US is moving in a different direction. Just to emphasize, this passed with a huge majority, and even some Democrats jumped on board.

I think this is a piece of positive news that is suppose to waken the market into continuous bull move. For those who feared regulation was coming to disrupt privacy and taking control to the whims and caprices of what government policy is against the tradition of what bitcoin is, this is looking different. This is quite a political move for Trump to achieve his campaign promise and maintaining the strategic crypto reserve policy.

So things are changing under Trump administration it seems! Recently we have got news that SEC had dropped multiple lawsuits against various crypto exchanges in US. Now they are changing the reporting requirements to IRS. This is actually positive for the market. I hope more of such reforms will be carried on for the rest of his tenure. Unless the people and businesses are getting their worried addressed, US can't become a crypto capital.

The WSJ are insinuating that the rule is to enforce tax compliance, but i think part of the reason of the law is further attack on privacy. However, it is good it has been rescinded, though some may argue that the rule is for custodial services, and so customers do not even have privacy when they use such services to begin with, and the government can always get information about people from these services if necessary.

Wrong. The government can't without judicial intervention, that's the difference, which is not small. It's the same with CBDCs, all your bank movements can be obtained by the authorities today but only with a judge's order. With CBDCs the central banks have direct access in real time to everything you do, as well as direct control over your money.

Even when it was confirmed that repealing this law would lead to losses of revenue, the Senate still deemed it fit to go on with it. Having such a law might bring more financial benefits since it will attract more investors to the US crypto market. It's a welcomed development since it will promote privacy.

It's a good thing that a law like that wss not passed, Tax reporting for cryptocurrency should be mandatory without  compromising the privacy of holders. The US government is getting a lot of things right since president  Trump came on board. I see the prospect of the country becoming safe haven for blockchain companies. Hopefully, the tempo will be sustained and the next government won't reverse the progress made so far.