US Senatorial Candidate Wants Authorities To Adopt BTC
Thiel Capital CEO and US GOP senate candidate, Blake Masters, has urged the authorities to consider buying BTC as a reserve currency following China’s ban on the digital asset industry. The Arizona senatorial hopeful also disclosed that donations for his campaign could be made in digital currencies. However, Masters will need to win the primaries for his party before becoming a senator. His contemporaries in the primaries include Mark Brnovich and Jim Lamon.
Masters will bank on American billionaire entrepreneurs Peter Thiel and Tuck Carlson (Fox News host). They have declared their support for his senatorial ambition – an ambition he revealed three months ago.
If any GOP candidates can defeat Mark Kelly in next year’s election, the GOP would regain its hold on Arizona. Aside from Masters, Pat Toomey, the GOP senator due to retire soon, recently stated that China’s crypto clampdown represents an opportunity for the US to have a structural advantage over them.
F2Pool Bans China Users
F2Pool, arguably the largest mining poll globally, is now terminating or suspending its Chinese customers’ accounts per a revelation by BBTCnews (a Chinese media firm). This pool was launched twelve years ago and owned about 18.3% of the total hash rate globally.
Before F2Pool’s announcement, SparkPool (a China-based ether mining pool) announced last week that it would no longer provide its services to the Chinese. Also, leading China-based digital asset exchange Huobi revealed that it would start phasing out its Chinese customers and complete the phase-out by year-end. China has been making headline news recently for the wrong reasons after it banned all crypto-related transactions.
The IRS Is Considering Taxing Crypto Gains In The Cannabis Space
In the purview of the IRS, cannabis firms involved in crypto-related transactions must be taxed. According to the IRS chief, De Lon Harris, all industries (including firms in the cannabis industry) involved in crypto transactions must comply with new tax reforms. He further said that the IRS enforces tax compliance on cannabis businesses using digital currencies to perform payment settlements.
Harris’ opinion echoes lawmakers’ opinions who have proposed new tax reforms, especially for the crypto industry. Harris also said that the IRS has suggested to cannabis firms to deal with recognized exchanges when converting digital assets to cash.
He further revealed that any deal worth over $10K must be filed with the IRS even though it is not yet clearly stated that high-worth digital asset transactions must be reported to the tax office. You’d recall that the Senate hopes to raise at least $29B in taxes from the crypto industry.
Hence, it proposed the new tax reform last month and has even amended the proposal to ensure that investors making crypto gains above a certain amount are made to pay 5% more in taxes. More importantly, this new tax reform won’t allow investors to claim any capital profit deductions from their crypto investments. Most legislators agree that crypto investors are hiding the current tax law to falsify the gains from their crypto investments.
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