Nebraska's state legislature recently passed a bill to create a state bank charter for digital asset depository institutions, which was signed into law by the state's governor on Wednesday this week. According to recent reports, new businesses are able to obtain a state banking charter as digital asset depositories, and existing state-chartered banks are now permitted to open cryptocurrency banking divisions. The reports further note that while the digital asset depositories can engage in custody and payment services relating to digital assets, they are not able to accept deposits or make loans in fiat currency, and must maintain 100 percent of their assets in reserve under the law.
A Tennessee couple is challenging in court the right of the IRS to tax the mining or staking of cryptocurrency, arguing that mining is an act of creation and therefore not taxable, according to multiple news sources. The couple, who are seeking a refund for taxes paid, claim that the IRS instead must wait until cryptocurrency is sold or exchanged in order for a taxable event to have occurred.
For more information, please refer to the following links:
- Nebraska Legislature Approves Framework for Digital Asset Banks
- Nebraska Creates Banking Charter For Crypto Services
- IRS Can't Tax Man's Crypto That He Created, Court Told
- Crypto couple tells court the IRS has no right to tax newly mined coins
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