Today in Cryptocurrency

Stay informed about the latest changes in the cryptocurrency landscape. Notably, one of the central topics today involves Swedish parliament members advocating for a Bitcoin reserve, reflecting a growing interest in digital assets worldwide.

Sweden Considers a Bitcoin Reserve

Two representatives from Sweden’s parliament, Dennis Dioukarev and David Perez, have suggested that the nation explore the establishment of a Bitcoin reserve. This initiative aims to combat inflation and to diversify the nation’s assets. They believe that just as other countries, including the US, are preparing to create such reserves, Sweden must also join this trend to avoid falling behind in the global financial landscape.

Sweden’s Bitcoin Reserve Source: Jan3

US Lawmakers Discuss Crypto Tax Regulations

In the US, lawmakers are currently debating potential reforms to cryptocurrency tax legislation amid the threat of a government shutdown. Proposals include considering exemptions for crypto transactions below a certain amount, with Lawrence Zlatkin from Coinbase advocating for a de minimis tax exemption to stimulate digital currency transactions under $300. Zlatkin emphasized the necessity of equal tax treatment across various payment platforms.

“The guiding principle is simple parity with traditional finance…” (Translation: The same tax rules should apply to the same financial activities regardless of the medium of exchange.)

Lawmakers are also examining methods to tighten reporting requirements to address the $700 billion tax gap while maintaining clarity for crypto users, which has significant implications for regulatory compliance.

Roman Storm Appeals His Conviction

Meanwhile, Roman Storm, co-founder of Tornado Cash, has requested a judge to dismiss his conviction related to alleged unlicensed money transmission. Storm argues that the prosecution has not demonstrated any intent on his part to facilitate wrongdoing through the platform.

Tornado Cash Legal Case Source: Tornado.Cash

A motion for acquittal asserts that without affirmative evidence of intent, the legal basis for his conviction is inadequate.

Stay tuned for ongoing updates as these stories develop.