Crypto group with 440,000 members launches PAC to target House, Senate elections
NEW YORK: (Reuters) A cryptocurrency nonprofit has launched a new political action committee (PAC) to raise money from its 440,000 members for crypto-friendly politicians, and is endorsing a bipartisan slate of candidates running in the House of Representatives and the Senate.

Stand With Crypto’s PAC joins a deep-pocketed effort from the cryptocurrency industry to put political candidates in office who are committed to supporting crypto and blockchain.

Crypto super PACs Fairshake, Defend American Jobs and Protect Progress have so far raised more than $110 million this election cycle, according to Federal Election Commission records.

The involvement in this year’s elections comes as the industry faces some scrutiny after FTX founder Sam Bankman-Fried was found guilty last year of stealing from customers. Prosecutors allege he used those funds to donate more than $100 million to U.S. political campaigns.

PACs like Stand With Crypto are typically set up to gather funds for candidates or political causes; they differ from super PACs, which can receive donations of unlimited size but cannot coordinate with campaigns directly.

Australia seeks client data from crypto exchanges in tax crackdown

Australia’s tax office has sought from cryptocurrency exchanges the personal data and transaction details of up to 1.2 million accounts as it looks to crack down on users who may be failing to pay their taxes amid a rising interest in digital tokens.

In a notice issued last month, the Australian Taxation Office (ATO) said the data will help identify traders who had failed to report the exchange of crypto assets, or when they sold it for currency and used it to pay for goods or services.

The crypto industry’s complex nature can lead to a genuine lack of awareness of the tax obligations, the ATO said.

"Also, the ability to purchase crypto assets using false information may make them attractive to those seeking to avoid their tax obligations," it said.

Personal data including the date of birth, phone numbers, social media accounts, and transaction details like bank accounts, wallet addresses and the coin type will be sought.

Australia treats digital currencies as assets for tax purposes, and not as foreign currency. This means investors would have to pay capital gains tax on profit from selling crypto assets and when they trade digital assets.