Regulatory and Legislative

Another Cryptocurrency Proposal Introduced in Senate

Senators Debbie Stabenow (D-MI), and John Boozman (R-AR), along with Senators Cory Booker (D-NJ) and John Thune (R-SD), have introduced the “Digital Commodities Consumer Protection Act.” According to a press release, the proposal would give the Commodity Futures Trading Commission (CFTC) new tools and authorities to regulate “digital commodities”—which would include Bitcoin and Ether. The bill sponsors serve on the Senate Committee on Agriculture, Nutrition & Forestry, which has oversight of the CFTC which regulates commodities markets.

A previous proposal by Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) was announced in June.

Regulatory and Legislative

IRS Provides 2024 Electronic Filing Relief for Form 5330

IRS Provides 2024 Electronic Filing Relief for Form 5330

The IRS notes in a new post that electronic filing of Form 5330, Return of Excise Taxes Related to Employee Benefit Plans, will not be required for the remainder of the 2024 taxable year—confirming that taxpayers may continue to file by paper.