Kiffmeister’s #Fintech Daily Digest (08/26/2021)*

Controversial crypto rules remain in infrastructure bill after House vote

Controversial new US crypto-asset tax requirements are likely to become law through the bipartisan infrastructure bill. The crypto-asset community rallied to fix the language, but the House voted to proceed with the bill as is, moving forward without any new amendments or opportunities to change it. The deal made to move the bill through the House of Representatives prohibits any new amendments from being considered unless the House approves a new rule that would allow them. 

According to Coindesk, the new requirements come from the U.S. Treasury Department looking to clarify its authority to impose tax-reporting requirements on crypto exchanges and certain decentralized exchanges (DEXs). Specifically, Treasury appears to want to capture DEXs that have intermediaries as part of their platforms, rather than true peer-to-peer projects.

UK’s FCA says it is ‘not capable’ of supervising crypto exchange Binance

The UK Financial Conduct Authority (FCA) said it is “not capable” of properly supervising Binance despite the “significant risk” posed by the cryptocurrency exchange’s leveraged products. Binance’s UK affiliate had “failed to” respond to some of its basic queries, making it impossible to oversee the sprawling group. The FCA said that Binance’s “complex and high-risk financial products” posed “a significant risk to consumers”, and that one of Binance’s London-based affiliates had supplied insufficient information on the wider group’s products offered in the UK, as well as other business details. 

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