Crypto Faces Ongoing Challenges Despite Pro-Crypto Shift in U.S. Leadership
Coin Center, a prominent crypto advocacy organization, has raised concerns about potential barriers to innovation in the U.S. crypto sector, even as expectations grow for a more crypto-friendly environment under a possible Trump administration.
The group’s research director, Van Valkenburgh, identified three key issues that could hinder progress for both investors and developers: excessive IRS reporting requirements, sanctions on crypto services like Tornado Cash and Samourai Wallet, and overbearing anti-money laundering (AML) policies.
The group criticizes the U.S. tax code’s requirement to report crypto transactions over $10,000 to the IRS, calling it unconstitutional and a needless surveillance measure.
Coin Center also warns that the sanctions placed on Tornado Cash and Samourai Wallet, along with criminal charges for alleged illegal money transmission, could discourage developers from working on non-custodial crypto services. While the incoming administration’s pro-crypto stance might lead to policy adjustments, Valkenburgh remains cautious.
READ MORE:
Texas Lawmakers Eye Strategic Bitcoin Reserve as Momentum Builds Across the GlobeHe points out that the Department of Justice, despite any changes under Trump, could continue enforcing these regulations, as it values its political independence. Despite these challenges, Coin Center remains hopeful for gradual progress in the crypto market, even if all restrictions are not fully lifted.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BREAKING: Grayscale Files for Dogecoin (DOGE) Spot ETF
BREAKING: New Development for ETF Affecting Bitcoin and Four Altcoins on SEC’s Desk
Former CFTC Chairman Talks About Official Trump (TRUMP) Token
The former Chairman of the US commodity regulator CFTC spoke about Official Trump, which was launched by Donald Trump.
Bloomberg Analyst: “XRP ETF Is Coming, But This Altcoin’s ETF Will Be Approved Sooner”
Bloomberg analyst James Seyffart spoke about the XRP Spot ETF, arguing that another altcoin could get approved sooner.