Senate Passes $1.2 Trillion Infrastructure Bill, Crypto Tax Debate Heads to House

Aug 10, 2021 | Decrypt News | 0 comments

senate-passes-$1.2-trillion-infrastructure-bill,-crypto-tax-debate-heads-to-house

The Senate has passed its infrastructure bill, clearing the way for a $1.2 trillion infusion into the nation’s public works. The vote was 69-30.

Also in the package: a new provision with serious implications for the crypto industry.

The bill broadens current tax reporting requirements for businesses acting as “brokers” for cryptocurrencies. This would apply to exchanges and other money service businesses selling digital assets, but the language is nebulous enough to potentially encompass crypto miners, validators, and software developers, too.

Crypto lobbyists and industry non-profits were quick to respond; the Electronic Frontier Foundation pointed to “a clear and substantial harm” in the “surveillance” these tax reporting requirements could impose on crypto users.

Senators proposed a few competing amendments to the bill, none of which managed to garner the support required for adoption.

The infrastructure package now heads to the House of Representatives, where it’s set to be reviewed this fall.

Yesterday, after all amendments to the crypto provision were rejected, the four co-chairs of the Congressional Blockchain Caucus authored a note expressing “concern” with the new tax reporting mandates.

“Cryptocurrency tax reporting is important, but it must be done correctly,” reads the letter.

News Source from Decrypt.co

Related Articles

These 3 NFT Projects Collectively Captured Over $10 Billion in Sales

These 3 NFT Projects Collectively Captured Over $10 Billion in Sales

Non-fungible token (NFT) assets have taken the world by storm in 2021 and three current projects in the NFT universe have seen sales stretch into the billions. Statistics show that the NFT marketplace Opensea, the blockchain NFT game Axie Infinity, and the digital...

FTX will begin to move key operations to Bahamas as part of HQ shift

FTX will begin to move key operations to Bahamas as part of HQ shift

FTX is moving some key operations from its long-standing headquarters in Hong Kong to the Bahamas.  FTX Ltd. CEO and founder Sam Bankman-Fried tweeted today that the firm is in the process of moving its headquarters to the Bahamas from Hong Kong. The exchange's...

Pin It on Pinterest

Share This