Utah Republican Senator: Cryptocurrency is used as a medium of exchange, not a commodity
At the Permissionless III cryptocurrency conference held in Salt Lake City, Utah Republican Senator Mike Lee outlined three potential threats to the emerging cryptocurrency industry: (1) the creation of central bank digital currencies, (2) patchwork regulation by individual states, and (3) strict federal regulation. "Cryptocurrencies are not securities. Cryptocurrencies are not commodities. Cryptocurrencies are used as a medium of exchange," Lee explained. "I don't even think we should be taxing capital gains on the transfer of cryptocurrencies."
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