Legislation/Regulation
House Tax Provision is Bad News for Crypto
Capitol Hill continues to impose tax increases on cryptocurrencies. This time, Chairman Richard Neal (D-Mass.) of the House Ways and Means Committee released text for the tax portion of the budget reconciliation bill, which includes a section that restricts crypto investors from being able to deduct losses on certain transactions.
Legislation/Regulation
Wyden’s Derivatives Tax Harms Retail Investors
Last month, Senate Finance Chairman Ron Wyden (D-Ore.) introduced legislation that would severely increase the tax burden on the multi-trillion-dollar derivatives market. There is a chance that the looming $3.5 trillion budget reconciliation bill could include this tax hike on derivatives contracts, which would harm everyday investors trading on platforms…
In the News
Op-Ed: Biden’s Policies on Crypto Resemble China
In an op-ed published in Townhall today, Americans for Tax Reform Federal Affairs Manager, Bryan Bashur, highlights the Biden administration’s animosity toward the cryptocurrency industry. The Treasury Department, Federal Reserve, and Securities and Exchange Commission are all implementing policies that resemble China’s crackdown on cryptocurrencies. Recently, the Treasury Department lobbied…
In the News
Elizabeth Warren’s Call for More SEC Regulations Will Harm Individual Investors
Click here to view the Townhall piece. The wolves of Wall Street have evolved and now some reside on Main Street. GameStop’s market rally saw wide price swings in the stock with some brokerage services prohibiting investors’ ability to purchase shares. Democrats have called for more regulations from…
Legislation/Regulation
SEC Adopts Rules to Prohibit the use of Leveraged/Inverse Funds
On October 28, 2020, the Securities and Exchange Commission approved a rule that will dramatically change the use of derivative instruments and certain related transactions by mutual funds, exchange-traded funds, closed-end funds, and business development companies. SAF is opposed to the Commission’s adoption of Rule 18f-4, which represents an…
Legislation/Regulation
SEC Adopts Rules Change to Resource Extraction Disclosure
On December 16, 2020, the Securities and Exchange Commission adopted new rules regarding resource extraction payments made by public companies per Section 1504 of the Dodd-Frank Act. This is the third rule attempt governing resource extraction payments adopted by the Commission, as the two previous attempts were reversed by District…
Legislation/Regulation
SEC Adopts Rules to Increase Access to Capital Markets
On November 2, 2020, the Securities and Exchange Commission adopted new rules under the title “Facilitating Capital Formation and Expanding Investment Opportunities by Improving Access to Capital in Private Markets.” SAF supports the Commission’s new rules to reduce and simplify the regulatory and compliance burdens that were placed on…
Legislation/Regulation
Financial Regulators Adopt Changes to Sections of the Volcker Rule
On June 25, 2020, the Federal Reserve Board approved an amendment to streamline the definition of the “covered funds” provision in the Volcker Rule, a regulation promulgated from the Dodd-Frank Wall Street Reform and Consumer Protection Act that limited financial institutions’ ability to conduct proprietary trading activities.