U.S. House Committee Approves Resolution To Simplify Cryptocurrency Regulations

According to Odaily, the U.S. House Ways and Means Committee has recently approved Resolution H.J.Res. 25, which aims to overturn a previously established cryptocurrency regulation deemed unfair and difficult to enforce. The primary goal of this new resolution is to alleviate the additional paperwork burden on cryptocurrency holders and the Internal Revenue Service (IRS). The approval of this resolution indicates that U.S. lawmakers are working to streamline regulatory processes related to cryptocurrencies, thereby reducing compliance burdens for market participants. This initiative could potentially foster the growth of the cryptocurrency industry.