Crypto

U.S. crypto tax bill advances, seeks penalty relief for voluntary disclosures

A bill moving through the U.S. Congress would create a separate voluntary disclosure program for digital asset taxpayers to correct past reporting errors. If enacted, eligible taxpayers could file amended returns for prior violations and pay unpaid tax, interest and program penalties. The proposal sets lower penalties for those who certify the errors were not fraudulent or intentional, and higher penalties for those who do not. The bill has cleared a House committee but still needs passage by both chambers and presidential signature.

Crypto

U.S. House Financial Services chair says SEC, CFTC steps not enough, calls for Clarity Act

French Hill (프렌치 힐), chair of the U.S. House Financial Services Committee, said regulatory steps by financial authorities alone would not be enough to create stability in the crypto market and again stressed the need for the Clarity Act. He said the SEC and CFTC are working on digital asset rules but cannot replace legislation. Hill pointed to a tight post-election Senate schedule and leadership gaps at both agencies as key variables.