The US House of Representatives recently made a decision about banks and cryptocurrencies. They voted on a bill called H.J. Res 109. This bill wants to change a rule by the Securities and Exchange Commission (SEC). The SEC made a rule called Special Accounting Bulletin 121 (SAB 121). This rule says banks have to count cryptocurrencies on their balance sheets. But they don’t have to do this for other things like stocks.

A person from the Republican Party, Mike Flood, suggested this change. He thinks it’s not fair to make banks count cryptocurrencies on their balance sheets. Usually, things kept for safekeeping, like cryptocurrencies, don’t get counted like this.

However, the President, Joe Biden, doesn’t agree with this change. His office said they will say no to this change if it comes to him. They think this change will make it hard for the SEC to protect people who invest in cryptocurrencies.

On another note, in Australia, the tax office, known as the ATO, is getting serious about people who use cryptocurrencies. They want to collect information about these people. They’re asking for things like birth dates, social media accounts, and phone numbers. They also want details about transactions, like where the money goes and which coins people are trading. They even want to know about people’s bank accounts.

In Australia, if you make money from trading cryptocurrencies, you have to pay taxes on it. This is different from how they treat regular money from other countries. It means if you make money from selling cryptocurrencies, you have to give some of it to the government as tax.

The ATO thinks about 1.2 million people might not be paying taxes on their cryptocurrency trades. So, they’re gathering information to find out who’s not paying what they owe. They believe this will help them catch people who are not following the rules about taxes and cryptocurrencies.