The Blockchain Association claimed the U.S. Treasury overstepped its authority in proposing crypto tax rules difficult or impossible to follow by many in the space.
Discussions around illicit activity, such as money laundering and terror financing, will take center stage at the upcoming House Financial Services Committee hearing.
This obligation won’t be backed by a fine if the company fails to comply, and businesses will still be permitted to pay ransoms, though this is discouraged.
The Campaign for Accountability wanted to let the anti-crypto senators know that the threat of terrorist financing with crypto was worse than they thought.