A letter from U.S. lawmakers called out the Treasury Department and the IRS for their delay in enforcing digital asset tax requirements, stressing that the setback leads to a massive loss in revenue.
The settlement relates to 826 transactions worth $1,680,577.10 which were processed by Kraken on behalf of individuals located in Iran, which has been subject to U.S. sanctions since 1987.
Bittrex will settle its $24.3 million penalty for breaching multiple sanctions programs, while Coin Center seeks to tame OFAC's aggression by filing a suit for sanctioning Tornado Cash.
In its latest regulatory measure, FinCEN is proposing that U.S. citizens report if they have more than $10,000 in digital currencies with foreign exchanges, wallets or financial service providers.
The U.S. Treasury Department is seeking to hire a policy advisor to guide its digital currency oversight duties.
The Internal Revenue Service has been considering different approaches to digital currency taxation, a federal official has revealed.
The U.S. Treasury Department is actively considering the benefits of a central bank digital currency, according to a ranking department official.
