Government’s proposals for decentralised finance

15 May 2023 / Andy Wood

Issue: 4888 / Categories: Comment & Analysis , cryptoassets , repo scheme , TCGA 1992 , Admin

Progressive approach to DeFi taxation

Crypto in the US is currently facing intense scrutiny and regulation with some likening it to a modern-day witch hunt. Senator Elizabeth Warren has publicly stated her intention to create an ‘anti-crypto’ army while the Securities and Exchange Commission (SEC) has brought charges against Justin Sun for selling unregistered securities and market manipulation as well as charging Bittrex and several celebrities for illegally promoting tokens without disclosing compensation.

This is not the first time crypto has faced backlash with the failures of Celsius and FTX in the last year serving as examples of the potential risks involved in investing in the space. It’s important to note however that FTX was not a decentralised finance (DeFi) project but rather the same old (alleged) fraud that has gone on since time immemorial. Same old wolf but...

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