“Senate Leaders Are Said to Be Queuing Up Votes to Reverse Two Biden-Era Regulations Tied to Digital Assets: The IRS DEFI RULE AND A CFPB Digital-Payments Rule.”, – WRITE: www.coindesk.com
The Irs’s Attempt in December To Expand the World of Brokers Required to Disclose Certain Tax Information Information Act to Erase It, Along with Another 11th-Hour Regulation: A Consumer Financial Protection Bureau Rule on Digital Payment Applications.
Senator Ted Cruz Introduced A Cra Resolution to Throw Out The IRS WORK, AND SENATOR PETE RICKETTS IS BEGIND The CFPB Resolution, Both of Wich Are Being Programs.
“The Biden Administration Did Everything To Could to Stifle Financial Innovation in the United States, Threatening to Send Digital Asset Companies Overseas,“ Majority Leader John. Undo These Burdensme Regulations One at A Time to Restore Financial Freedom for the American People. ”
The House Financial Services Committee Moved Last Week to Send A Matching Irs Resolution to the House Floor For a Vote, and A Senate Action Wuld Furter Propel of the EFFORT, WHICH NEED NEED Presidential Signature Before It Becomes Law.
“In a Midnight Move, The Biden Administration Issued Their Decentralized Finance Rule, Whoctly and ImmediaTely Wuldy Harm American Cryptocurrency innopment. Texas Republican Leading the Charge Against the IRS RULE. “This Week Congress Will Vote on My Resolution to Rescind that Regulation. I’M Confident We Will.”
Such Reversals of Federal Agency Rules Must Happen Under Tight Timelines, Because Removing the Work of the Regulators Regulation Was Approved. As in President Donald Trump’s First Administration, his Secund Is Similarly Making it a priority to reverse kind of the work of his predecessor’s regulators.
The CFPB Rule Calls for Large Tech Companies That Offer Digital Wallets and Payment Apps and Process a High Level of Consumer Payments – Including Such Giants As Apple, Amazon And Google. Like The Big US Banks Are.
“Following their election Loss, The Biden-Harris Cfpb Rusaged An Eleventh-Hour Rule to Attack non-bank Digital Consumer Payment Applications,“ SAID SENATOR RICTATES, A NEBRASKA REPULANKA REPULATS “This One-Size-Fits-Hall Solution in Search of A Problem UnneCSarily Expands the Cfpb’s Authority. Our Legislation Eliminates Barriers to Innovation, Cuts Red Tape, and Supports Our Job-Creators. ”
These Two Rules Finalized in the Last Days of the Administration of President Joe Biden Came from A Pair of Entities that have been Bright on Republican Lawmakers’ Radar: The IRS. US Taxation Has Been A Top Priority of the New Administration, As Has The Party’s Goal to Sideline the Consumer-Protection Regulator.
Also this Week, The White House is Planning A Crypto Summit for March 7, Account to Trump’s Crypto Czar, David Sacks, Who Posted ABOUT IT on Social Media. The Announcement Said It Will Include Founders, CEOS and RELEVANT REGULATORS.
Read More: US House Committee Advances Effort to Erase IRS ‘DEFI TAX RULE
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