NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

United States Bitcoin Regulated CFTC, IRS, FinCEN, SEC What Next?

Gautham
Gautham
9 years ago
2 mins read
CFTC Coinflip

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The United States Government seems to be undecided about the status of bitcoin in the country. In what seems like a conflict between different departments, every department directly or indirectly related to banking and finance are calling it their own. This has caused enough confusion among bitcoin and digital currency companies operating in the country.

Recently the United States Commodities Futures Trading Commission (CFTC) had filed a case against one of the San Francisco based Bitcoin trading platforms. Coinflip was taken to task for not having proper regulatory clearances from the department to run its trading operations on Derivabit, its trading platform. The charges were dropped after the company and its CEO, Francisco Riordan reached a settlement with the CFTC. According to reports, the settlement didn’t include any monetary penalties as he neither confirmed nor denied any misdoings on Coinflip’s part.

With the recent crackdown, CFTC has sent a clear message to everyone watching that Bitcoin is now considered as a commodity and anyone interested in running a bitcoin trading platform would have to go through them (just like they have to go through three more different departments).

While CFTC calls bitcoin a commodity, other departments like Internal Revenue Services (IRS), Securities Exchange Commission (SEC) and Financial Crimes Enforcement Network (FinCEN) are not far behind. Each of the different organizations classifies bitcoin as property, money and currency respectively. This kind of classification can throw anyone off balance, mostly by wondering how one thing can be everything the financial world could have ever thought of, especially when it is supposed to be decentralized, secure and transparent.

Of all the places in the world, United States of America is the only country that has managed to come up with innovative ways of slapping extra paperwork, fees, penalties and regulations on bitcoin. As if these things are not enough, New York State has made it worse by introducing BitLicense. It is not just the bitcoin companies, even bitcoin users have started to feel the heat. Things get even weirder, especially when its neighboring country Canada, its ally United Kingdom and many more countries are making it easier for bitcoin companies to innovate and offer their services to the community.

READ MORE: US Government Trading Commission Recognizes Bitcoin as a Commodity

Tweet123Share196ShareSend
Gautham
Gautham

Gautham

Comments 1

  1. DougNJ says:
    10 years ago

    Being a ‘revenue stream’ to skim, bitcoin is all things to all agencies.
    Then I get to add into the mix New Jersey’s take on the topic bitcoin. As an Item of Barter each party of an exchange gets to pay 7% sales tax. That ends up being a 14% ‘double’ sales tax for me. Either the vendor outright tells me I must pay their part or they include it in their mark-up. And the time, personal info, and fees when using an exchange to get the BTC I would use, I end up needing about 12 – 15% more for using BTC in NJ than just staying with USD. Of course end of year will take time/effort to do my taxes. Anyone ever see an ad or an article about any tax software company that takes care of all the various aspects of BTC tax liabilities? Basis on all inputs and outputs for capital gains. Every use of BTC as currency for NJ. So much disincentive to use it here in NJ.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Comments 1

  1. DougNJ says:
    10 years ago

    Being a ‘revenue stream’ to skim, bitcoin is all things to all agencies.
    Then I get to add into the mix New Jersey’s take on the topic bitcoin. As an Item of Barter each party of an exchange gets to pay 7% sales tax. That ends up being a 14% ‘double’ sales tax for me. Either the vendor outright tells me I must pay their part or they include it in their mark-up. And the time, personal info, and fees when using an exchange to get the BTC I would use, I end up needing about 12 – 15% more for using BTC in NJ than just staying with USD. Of course end of year will take time/effort to do my taxes. Anyone ever see an ad or an article about any tax software company that takes care of all the various aspects of BTC tax liabilities? Basis on all inputs and outputs for capital gains. Every use of BTC as currency for NJ. So much disincentive to use it here in NJ.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Best Crypto

2025年のアルトコインシーズンに備え、爆発的な成長が期待される注目のミームコイン3選

仮想通貨市場は現在活況を呈しており、アルトコインシーズンの到来が間近に迫っています。特にミームコインは、過去の強気相場で高いリターンをもたらしたことで知られています。ここでは、2025年に大きな成長が...

Yohei Hanazato 5 hours ago
Solana

【仮想通貨 1000倍の可能性?Solanaが重要局面へ突入 – 180ドル突破が次の展開を左右】

Solana(ソラナ)は再び勢いを取り戻し、数週間ぶりに175ドルを突破しました。この上昇は、ビットコインが10万ドルを突破し、イーサリアムも2,500ドルを超えるなど、暗号資産市場全体が再活性化して...

Yohei Hanazato 6 hours ago
Bitcoin Crypto

【2025年にビットコインが20万ドルへ?今買うべきico 仮想通貨プレセールとは】

ビットコインの価格が再び急騰し、再びメディアの注目を集めています。投資家たちの間では、「この勢いでビットコインが2025年に20万ドルへ到達するのではないか?」という議論が再燃しています。 市場全体が...

Yohei Hanazato 6 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

XRP

New XRP Rally Incoming? Analyst Believes This Cycle Is Unique

Christian Encila 2 hours ago
XRP

XRP Must Close Above These Price Levels To Invalidate Bearish Forecast – Analyst

Semilore Faleti 4 hours ago

4 najlepšie altcoiny na kúpu práve teraz: Solaxy, BTC Bull, MIND Of Pepe a Best Wallet Token

News BTC 5 hours ago

Premium Sponsors

Top Brands

Press Releases

  • Quickly start cloud mining and earn $87,134 per day with...

    6 hours ago
  • 2025’s Best Cloud Mining Sites for Bitcoin and Dogecoin...

    11 hours ago
  • The $150K BTC Forecast Is In – Don’t Just Watch...

    15 hours ago
  • BTC breaks through $100,000 and market value exceeds $2...

    24 hours ago
  • XRP, DOGE Price Prediction: How to Make $8,700 a Day with...

    1 day ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.