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$1.2 Trillion Bill Now In Front of U.S. President Biden for Signature
The proposed $1.2 trillion bipartisan infrastructure bill has passed the United States House of Representatives with 228 votes in favor and 206 against and is now in front of the U.S. President.
If signed into law by President Biden, it would have significant effect on the country’s crypto space with new provisions enforced in relation to crypto-tax reporting.
The bill was initially aimed at improving the national transport network and internet coverage. However, the bill also included strict reporting requirements on all digital asset transactions over $10,000 to be reported to the IRS.
The bill first passed the country’s Senate on Aug. 10 with majority win of 69-30 after voting. It since then has received a lot of criticism and amendments were proposed, however none made it. One of those amendments followed initiative of six senators, Pat Toomey, Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema and Ron Wyden. Pat Toomey had stated:
“This legislation imposes a badly flawed, and in some cases unworkable, cryptocurrency tax reporting mandate that threatens future technological innovation.”
While the bill lacks clarity, all operators in the crypto space will be treated similar to traditional financial institutions. It stretches as far as software developers, miners, transaction validators and node operators.
The main concern that the crypto community holds is over the of the word ‘broker’ that looks to impose unrealistic tax reporting requirements for secondary operators in the crypto industry. Failure to disclose any crypto-related earnings will consequently be treated as a tax violation.
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Author: Peter Siu