The non-profit cryptocurrency advocacy group Coin Center has warned that while a Trump victory would be a net positive for the cryptocurrency industry, entrenched policies could still scare cryptocurrency innovators away from the United States.
In a Nov. 21 blog post analyzing the U.S. cryptocurrency policy landscape following the 2024 election, Coin Center research director Van Valkenburgh shared three "serious threats" to U.S. cryptocurrency users and developers heading into 2025.
The first threat comes from cryptocurrency reporting requirements under Section 6050I of the U.S. tax code, which currently requires anyone who receives $10,000 in cryptocurrency to report it unconditionally to the IRS. Last August, Coin Center found these reporting requirements unconstitutional.
The second and third biggest threats come from sanctions against Tornado Cash, including criminal charges against the hybrid service and Samourai Wallet for the transfer of unlicensed funds.
Coin Center said the charges against Tornado Cash founder Roman Storm could set a worrying precedent for developers of unregulated crypto services.
Coin Center: Despite Trump's victory, U.S. policy could scare away cryptocurrency investors
2024-11-23 05:26:57
Nonprofit crypto currency advocacy organization coin center warningdesk3cryptocurrencydesktopCrypto News
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