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The #SupremeCourt of India on Thursday directed the Union Govt. to bring on record whether it intends to set up a federal agency to investigate criminal case involving #CryptoCurrencies , terming it "unfortunate" that the entre still does not have a law to regulate digital currencies, nor does it have a expert agency in place to probe such mattars.
A bench of Justice Surya Kant & Dipankar Datta asked-
You still don't have any law unfortunately.
Do you have an agency at the national level to understand these cases and investigate properly?
We want you to identify a national specialised agency, in the national interest.
What kind of a quality investigation can you expect when you have a police constable, who gets promoted to an assistant sub-inspector or a sub-inspector, to Handle such cases?
#DYOR #NFA
#BinanceTournament
A bench of Justice Surya Kant & Dipankar Datta asked-
You still don't have any law unfortunately.
Do you have an agency at the national level to understand these cases and investigate properly?
We want you to identify a national specialised agency, in the national interest.
What kind of a quality investigation can you expect when you have a police constable, who gets promoted to an assistant sub-inspector or a sub-inspector, to Handle such cases?
#DYOR #NFA
#BinanceTournament
This Supreme Court Case and IRS Broker Rule Together Could Redefine Crypto Taxation.
The case in question, Moore v. U.S., revolves around a dispute concerning the tax treatment of certain investments. Charles and Kathleen Moore, the plaintiffs, are challenging a tax imposed on their investment in an India-based company. They argue that they had not realized income from this investment when the law was enacted, meaning they had not cashed in their profits or brought these profits back to the U.S. to make them subject to taxation under the 16th Amendment.
The Supreme Court will hear the case on Dec. 5, and the outcome of Moore v. U.S. could carry significant consequences for cryptocurrency investors. If the Moores lose, it could enable the government to tax digital asset investments like Bitcoin, Ethereum, or altcoins based on increased values, regardless of whether these gains have been cashed in or not.
The IRS’s newly proposed digital asset broker reporting regulations, introduced in August 2023, have sparked widespread debate within the cryptocurrency sector. These regulations, which came under scrutiny during a public hearing following a deluge of nearly 125,000 comments, propose to expand the definition of “broker” for tax reporting purposes in a decentralized environment.Coinbase, in a strongly worded comment letter, raised alarms about potential “unprecedented, unchecked, and unlimited tracking into the daily lives of American citizens."
This stance reflects a broader industry concern that the IRS’s approach, while aiming for transparency and fairness in treating cryptocurrencies like traditional assets, could lead to overcomplex and invasive regulations. As the implications of the Moore v. U.S. case collide with the IRS’s new broker regulations, the landscape of cryptocurrency reporting and taxation faces a potential overhaul.
#SupremeCourt #IRS #Court #BinanceSquare #CryptoScoop
$BTC $ETH $BNB
The case in question, Moore v. U.S., revolves around a dispute concerning the tax treatment of certain investments. Charles and Kathleen Moore, the plaintiffs, are challenging a tax imposed on their investment in an India-based company. They argue that they had not realized income from this investment when the law was enacted, meaning they had not cashed in their profits or brought these profits back to the U.S. to make them subject to taxation under the 16th Amendment.
The Supreme Court will hear the case on Dec. 5, and the outcome of Moore v. U.S. could carry significant consequences for cryptocurrency investors. If the Moores lose, it could enable the government to tax digital asset investments like Bitcoin, Ethereum, or altcoins based on increased values, regardless of whether these gains have been cashed in or not.
The IRS’s newly proposed digital asset broker reporting regulations, introduced in August 2023, have sparked widespread debate within the cryptocurrency sector. These regulations, which came under scrutiny during a public hearing following a deluge of nearly 125,000 comments, propose to expand the definition of “broker” for tax reporting purposes in a decentralized environment.Coinbase, in a strongly worded comment letter, raised alarms about potential “unprecedented, unchecked, and unlimited tracking into the daily lives of American citizens."
This stance reflects a broader industry concern that the IRS’s approach, while aiming for transparency and fairness in treating cryptocurrencies like traditional assets, could lead to overcomplex and invasive regulations. As the implications of the Moore v. U.S. case collide with the IRS’s new broker regulations, the landscape of cryptocurrency reporting and taxation faces a potential overhaul.
#SupremeCourt #IRS #Court #BinanceSquare #CryptoScoop
$BTC $ETH $BNB
