The U.S. Treasury Department will require cryptocurrency transactions valued at $10,000 or more to be reported to the Internal Revenue Service.
The plan would add about 87,000 IRS employees over 10 years and, adjusted for inflation, boost the tax collection agency's budget about 40% from its 2011 budget. Republican Senator Chuck Grassley of Iowa said that government regulation of cryptocurrency would mean that"Businesses of all sizes would incur new and burdensome compliance costs and reporting requirements along the way. Instead of promising a chicken in every pot, Biden's plan promises an auditor at every kitchen table."
"Until recently, regulators and authorities have been reluctant to move too fast into the cryptocurrency space because there has been a lot of innovation," Dr. Marion Laboure, an analyst at Deutsche Bank in London, said in a research report. "The paper represents the beginning of what will be a thoughtful and deliberative process," Fed Chairman Jerome Powell said Thursday in a video message.
In mid-day trading Friday, Bitcoin changed hands at $36,762.30 down 8.80% in the last 24 hours but up 26.19% for the year. The 24-hour range is $36,253.33 to $42,278.01 The all-time high is $64,829.14. The current market cap is $687.99 billion, CoinDesk reported.The U.S. government won't provide special help to automakers during the global semiconductor shortage.
"About a year ago, when automotive manufacturers revised sales forecasts and cut-back on supplies, including semiconductor chips, available chip capacities were filled up by companies thriving in the 2020 stay-at-home economy such as laptops, tablets and gaming equipment," the report said. The American Automotive Policy Council urged President Biden and members of Congress to strengthen the U.S. supply chain.
Semiconductors are used in power steering, sensors, braking systems, dashboard displays and to improve engine performance.
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