Nebraska Passes Digital Asset Bank Charter, Tax Case Addresses Crypto Mining – Technology – United States


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Nebraska Passes Digital Asset Bank Charter, Tax Case Addresses Crypto Mining

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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.

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