So how will Jay Clayton be remembered? As the Chairman of the Securities and Exchange Commission during all of President’s Trump’s term, Clayton has notched major successes. But his record of supporting innovation is less impressive. And right now he stands at a crossroads. Jay Clayton has a chance to be remembered as the SEC Chairman who launched the next great wave of American financial technology. Or he can forever be recalled as the man who handed America’s crypto industry over to China.
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OECD to issue international crypto tax evasion standards next year
The organization’s new cryptocurrency tax reporting standards will likely be adopted around the world—much like its regular tax evasion guidelines were in 2014
OECD center for tax policy Director Pascal Saint-Amans said that there is already broad agreement among relevant regulators that there is a need for an international crypto asset tax reporting standard. He said that the timeline in which the organization expects to deliver the standard is “probably sometime in 2021.
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SEC Commissioner Hester Peirce hopes better crypto regulation is coming post-election (Photo: Leo Jakobson)SEC’s Hester Peirce: Post-election crypto regulation needed
From stablecoins to decentralized exchanges, regulators are struggling to regulate a moving target said the SEC Commissioner known as “Crypto-Mom”
One concern that the agency has with the regulation of cryptocurrency assets is that while promoters stress the advantages they bring by eliminating intermediaries, securities regulators have long worked with intermediaries in functions such as anti-money-laundering and are comfortable with them.
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Sen. Mike Crapo wants acting Comptroller of the Currency Brian Brooks to create “clear rules of the road” for the cryptocurrency industry (Photo: U.S. Senate/OCC)Senate banking chair: U.S. should lead in crypto innovations
Sen. Mike Crapo took note of former Coinbase lawyer Brian Brooks’ activity at the Office of the Comptroller of the Currency in moving to create “clear rules of the road” for the crypto industry
Brian Brooks, who left his position as chief legal officer of cryptocurrency exchange Coinbase to take up the reins at the Office of the Comptroller of the Currency, has been active in helping the industry make nice with banks that have long avoided it.
