Buy Crypto
Pay with
USD
USD
Buy & Sell
Hot
Supports Visa, Mastercard, SEPA & more
P2P
0 Fees
Flexible trading, zero fees
Gate Card
Use your crypto for payments worldwide
P2P Loan
Grow your wealth in fiat investment
Markets
Trade
Basic
Advanced
Futures
Futures
Access hundreds of perpetual contracts
CFD
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
U.S. Stocks
CFD
U.S. stock CFD derivatives
Stocks
App now fully supports direct access to the stock market
Futures
High leverage, 24/7 trading
Tokenized Stocks
Backed by real stock assets
GUSD
Mint GUSD for Treasury RWA yields
Earn
Launch
CandyDrop
tag
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Pre-IPOs
Unlock full access to global stock IPOs
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
Investment
Square
Square
Post, share, and explore crypto trends
Live
moments live
Live crypto market analysis
Chat
Chat with crypto traders
News
What is happening in crypto
flower_head
More
Promotions
AI
Others
TradFi
Rewards

Rep. Brad Sherman Warns Government Stablecoin Payments Would Fuel 'Tax Evasion Economy'

GateNews
Regulation & Policy
During a House Financial Services Committee hearing on Thursday, U.S. Rep. Brad Sherman (D-CA-32) argued that allowing government stablecoin payments would "sanctify an alternative to the U.S. dollar" designed to "facilitate a tax-evasion economy." His rebuke targeted NCUA Chairman Kyle Hauptman's proposal that stablecoins could accelerate tax refunds and emergency stimulus payments by settling around the clock, unlike traditional rails bound by business days. Sherman also warned that lawyers would hunt for loopholes around stablecoin interest payments, urging regulators to "write regulations that withstand that."
View Source
Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

Related News

3h ago
House Ways and Means Committee Distributes 7 Digital Asset Tax Reform Proposals on June 5
3h ago
Lawmakers Push to Ease SAB 121 Banking Rules for Digital Asset Custody
6h ago
U.S. Eyes $3 Trillion Stablecoin Expansion Over Coming Years as Tether Compliance Risks Loom
8h ago
House Committee Drops 7 Crypto Tax Bills Covering Staking and Mining on June 5
06-04 01:08
Russia's Finance Ministry Opposes Dollar-Denominated Stablecoin Trading; USDT and USDC Face Freeze Risk
In-Depth Analysis

Senate Republicans Urge Financial Regulators to Rework Digital Asset Capital Rules

Ethan Brooks06-04 15:44

Russia’s deputy finance minister warns of USDT and USDC freezing risks, with the ruble-backed stablecoin given priority for approval access

Market Whisper06-04 01:32

US Treasury Secretary: Proceed cautiously with Bitcoin reserves; the CLARITY Act hopes to pass in summer

Market Whisper06-04 01:08
Comment
0/400
No comments