this post was submitted on 31 Jul 2025
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345
SEC says it will deregulate cryptocurrencies with 'Project Crypto' (qz.com)
submitted 1 day ago by tonytins@pawb.social to c/technology@lemmy.world
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In a Thursday speech, U.S. Securities and Exchange Commission (SEC) chairman Paul S. Atkins announced “Project Crypto,” an initiative to modernize the country’s securities rules and regulations to move financial markets on-chain.

“Under my leadership, the SEC will not stand idly by and watch innovations develop overseas while our capital markets remain stagnant,” he said at an America First Policy Institute event in Washington D.C. His plan includes measures to reshore crypto businesses that have left the country and to ensure that “archaic rules and regulations do not smother innovation and entrepreneurship in America.”

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[–] neon_nova@lemmy.dbzer0.com 26 points 1 day ago (2 children)

Will this mean that I won’t need to report every single transaction on my tax returns?

It would be real useful to use crypto for international money transfers.

[–] acosmichippo@lemmy.world 7 points 1 day ago* (last edited 1 day ago) (2 children)

hopefuly not, the IRS needs some way to track income based on the fluctuating value of crypto. yall gotta pay taxes like the rest of us.

[–] iopq@lemmy.world 5 points 1 day ago

When you change btc into eth the IRS considers it realizing your capital gains. Even though you don't have USD to pay extra taxes with.

[–] neon_nova@lemmy.dbzer0.com 4 points 1 day ago

It’s not about avoiding taxes, it’s having to submit every single transaction you make in crypto on your tax forms. One year I had to manually compile hundreds of transactions. Only for the irs forms to show their of a net loss and no taxes needed to be paid.

I wasn’t using it as an investment, so I didn’t care about the loss, which was under $10 anyway.

[–] Reverendender@sh.itjust.works 5 points 1 day ago

I like where your head is at