Before we were members of the Digital Assets Coalition of America (DAC), we watched as blockchain and distributed ledger technologies (DLTs) grew from proof-of-concepts to the powerhouses of innovation that they are today. Digital assets and distributed applications are revolutionizing the way the world does business, manage data, assign and validate ownership, provide accountability, auditing, and more. Simply put, within a sensible regulatory climate, DLTs can fuel the American economy for generations to come.
However, there’s an issue happening right now that we as a community must come together and resolve. The crypto community deals with an unacceptable lack of representation in the creation of the federal policies that regulate everything from ICO participation to tax policy.
In response, we formed a coalition of innovators, strategists, lobbyists, and educators to ensure representation on the issues that affect us all. Through public education campaigns, congressional workshops, and face-to-face interaction with legislators, we’re educating the federal government on DLTs to promote a favorable regulatory climate, facilitate informed policymaking, and secure the USA’s position as a global leader in the digital asset arena.
Our first policy objective is to reinstate crypto-to-crypto trades as like-kind transactions. With the passing of the new tax bill, like-kind transactions only apply exclusively to real estate exchanges. This change has resulted in an over-complicated reporting process that makes filing compliant taxes exceptionally difficult and inefficient. The new bill also opens the risk for traders and users to be hit with massive taxes that are potentially disproportionate with their true profits.
Secondly, we want to reduce the capital gains tax rate for both short and long-term digital asset holdings. With current policy, every time digital assets are used to make a purchase, or when digital assets are converted to fiat, the consumer is forced to pay high capital gains tax on the transaction. This financial burden disincentivizes spending crypto, acts as a barrier to adoption, and ultimately prevents crypto’s tremendous market cap from ever benefiting the economy.
Our team is composed of experts such as Stephani Scruggs, who led the resistance to the Trans-Pacific Partnership (TPP) which resulted in nearly a dozen delayed Fast Track TPA votes and the ultimate demise of the TPA. Stephani has advised President Trump on international trade deals, currency manipulation, and the Chinese trade wars. She also has experience working closely with Congressional offices to strategize and develop international trade and economic policy, establishing her as a fountain of wisdom on Capitol Hill.
Or Michael Bowen, an international trade expert, whose organization advised the Trump campaign on trade agreements. Michael has also advised Congress on economics, housing development, international trade, and currency manipulation. Over the course of Michael’s career, he has negotiated over $1 billion in capital market transactions and implemented the largest affordable housing development in Hawaiian history.
Recently, we’ve on-boarded Frank McCarthy. After 20 years embedded in and advising on politics, media and policy making, as well as serving two House Transportation Committee Chairmen, Frank founded McCarthy Advanced Consulting (MAC). Frank uses his experience as a seasoned congressional staffer to run MAC, a nationally recognized lobbying firm that is known for helping unions fight above their weight class. We want to make sure you’re a part of this process. We want you to ask us questions during the AMA this Sunday (the 25th) at 1PM est, but in the meantime, we have a few for you!
Do you know of any industry leaders that you would like us to reach out to?
What policy would you like to see changed or put into law?
Do you have a thorough understanding or access to the resources necessary to pay taxes associated with your cryptocurrency?
What is your favorite cryptocurrency use-case?
What websites or publications do you use to stay updated on cryptocurrency news?
We look forward to seeing you Sunday at 1PM est! We’ll be updating this post with the AMA link.
Thank you all for doing your part to Keep America FUD Free!
– Your Friends at DAC
P.S. If you would like to stay up to date with us, feel free to subscribe to our newsletter through our website (DigitalAssetsUSA.org) or follow us on Facebook!
tl;dr – The Digital Assets Coalition of America has your back on a Federal level.
EDIT: Fixed a typo 🙂