Fox Business Networks Charles Gasparino asked a member of the Securities and Exchange Commission to explain what the hell was going on with cryptocurrency regulation after an anonymous Twitter account managed to spread a baseless rumor about a future tax proposal from the Treasury Secretary Janet Yellen.
“When do you think we will get clarity on the regulation?” Gasparino asked the SEC commissioner Hester Peirce in a Thursday FBN interview. “It affects crypto prices. All over the internet, Yellen will propose an 80 percent capital gains tax on crypto. I mean that’s the rumor. I am not saying that it is true. We’re not reporting it out. I’m telling you this has an impact on pricing. When will we get any clarity about what the hell is going to happen in the future? “
Peirce said she couldn’t predict what Yellen might do, but she believes “most” members of the Biden administration were focused on other issues.
“I find it difficult to speak to other government agencies, even as we are in a new phase with the SEC,” said Peirce. “I just released a revised version of a Safe Harbor proposal that I released a year ago and I’m collecting feedback on it. I will introduce it to Chairman Gensler and ask him to think about it. I hope we will do something. Again, I think that all new people in administration have a lot on their agenda and most of them don’t involve crypto. “
Peirce’s Safe Harbor proposal is generally viewed as favorable to cryptocurrency, as new projects have a three-year grace period during which they would largely be exempt from SEC regulation. The new chairman of the commission, Gary Gensler, Those who taught cryptocurrency and blockchain technology at MIT are also generally seen as cheap for cryptocurrency.
Despite the number of cheap regulators, a network of anonymous Twitter accounts managed to spread a rumor Thursday that Yellen was ready to propose taxing digital currencies at an 80 percent tax rate. That came the same day that a legitimate report detailing the President was leaked Joe Bidens plan to double the top tax rate on capital gains to bring leading markets – including the cryptocurrency market – down.
See above via Fox Business Network.
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