Interesting article over at www.nbcnews.com reporting on middle America’s blossoming love of Crypto.
If you’re not buying Bitcoin, you’re not keeping up with the Joneses.
The American middle class is falling in love with the unregulated cryptocurrency’s skyrocketing value, which hit a record-breaking $4,400 in August, a 600 percent year-over-year increase.
There are now more Google searches for Bitcoin than for Beyoncé. It’s not just bankers and techno-nerds buying up this “digital gold,” hoping to sell them for more later, but flight attendants, ironworkers, and small business owners.
Futurism.com reports that Members of the U.S. Congress are drafting legislation that would protect certain forms of cryptocurrency from being used for illegal activities while helping cultivate mainstream adoption. Reports indicate that at least one Republican senator and two Republican congressmen are working on the bill.
The goals of the legislation are reported to be to prevent cryptocurrency from being considered as a form of security or investment, to protect transfers against taxation, and to ensure the federal government does not interfere with cryptocurrencies.
The Daily Beast reports that the IRS in the USA has been tracking the Bitcoin Blockchain, potentially since 2015.
According to a contract obtained by The Daily Beast, the Internal Revenue Service bought specialist software to track Bitcoin users in 2015.
The document reveals how law enforcement isn’t only focused on criminal activity using Bitcoin, but also those who use the currency to hide wealth or avoid paying taxes.
As reported in the Miami Herald, the increasing trend towards Crypto regulation, albeit in the context of money laundering, continues as Alabama introduces a new law on virtual currency and online transactions.
Al.com reports that the Alabama Monetary Transmission Act became law this month and replaced the 1961 “Sale of Checks Act.” The state’s legislature passed it in May.
The new law covers bitcoin to regulation of money transfers and provides law enforcement new tools to track international financial crimes.
Alabama Securities Commission Director Joseph Borg said the passing of the new law is important for the state.
“This significant legislation will help streamline our regulatory and enforcement activities to meet the challenges presented by modern technology,” Borg said, “such as the use of cyber currency, online money transmissions and further assists law enforcement in preventing money laundering and activities involving the illegal international transfer of funds.”