From WSJopinion: After years of silence, Congress’s first important foray into digital-asset legislation was done on the sly and without considering the consequences, writes abesutherland
Journal Editorial Report: The week's best and worst from Kim Strassel, Kyle Peterson and Dan Henninger. Images: Getty Images/University Of Maryland School Of Medicine/ZUMA Press Composite: Mark KellyWithout fanfare or debate, Congress has recently determined that economically meaningful transfers of digital assets should be as rare, burdensome and criminally suspect as transacting in bricks of cash. An eight-word amendment to the U.S.
Enacted in 1984, Section 6050I of the tax code mandates onerous reporting when businesses receive more than $10,000 in physical currency. This discourages the use of cash and encourages the use of banks, which since 1970 have been tasked with surveillance and reporting of Americans’ transactions for tax-enforcement and other crime-fighting purposes.
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