Lawmakers Rally Against CBDCs
In a surprising show of bipartisan discontent, Florida Governor Ron DeSantis is leading the charge against the idea of a central bank digital currency (CBDC). He recently declared that Florida should ban the digital dollar, fearing it would increase government power over financial transactions. It’s like saying, ‘Keep your hands off my money, Uncle Sam!’
Texas Senator Cruz Offers More Than Just Hot Air
Texas Senator Ted Cruz isn’t just sitting on his hands; he’s put forth legislation aimed at preventing the Federal Reserve from launching a consumer-facing digital dollar. Cruz emphasizes the need to protect financial privacy, ensure the dollar remains a dominant force, and promote innovation. Ironically, while safeguarding innovation, he’s trying to smother one!
A Series of Anti-CBDC Bills
Not content with Cruz’s proposal, Representative Tom Emmer also joined the fray with his own anti-CBDC bill. Emmer’s bill aims to prevent direct issuance of digital dollars to anyone and mandates transparency on CBDC projects. It’s like attempting to turn on a lamp in a blackout—good luck with that!
G7 Takes Aim at Crypto Regulations
Meanwhile, the G7 countries are collaborating to tighten cryptocurrency regulations. With leaders from the United States, Japan, the United Kingdom, and others, they aim to improve transparency in the crypto market and enhance consumer protections. The discussions may lead to recommendations by mid-2023, but the general tone remains unclear—will it be a strict professor or a lenient parent?
IRS and NFT Taxation: A Collectible Conundrum
In a twist of irony worthy of an art gallery, the IRS is seeking public input on how to treat non-fungible tokens (NFTs) as collectibles under U.S. tax laws. Selling these digital pieces could trigger a maximum capital gains tax rate of 28%, reminiscent of a painter auctioning his work but being slapped with a massive tax brush!
Texas Embraces Bitcoin Miners
On a lighter note, Texas House member Cody Harris introduced a resolution to formally embrace the Bitcoin economy in the Lone Star State. House Concurrent Resolution 89 expresses support for Bitcoin developers and miners, further showcasing Texas’s reputation as a crypto haven. Can someone say,
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