A U.S. bill for crypto traders seeks to tighten laws to boost tax revenues by billions

The US blockchain Association is stepping up the fight against new crypto rules proposed in a historic bipartisan infrastructure deal that passed the Senate.

Robert Frank CNBC reporter says welfare issues 2702 latest project-page bill for upgrading the infrastructure, bridges, roads, water pipes, charging stations for electric vehicles and internet services, among others, systems, struggle to using targeted tax evasion, he said.

 
In this 2,433 page of the bill, fighting those who do not report cryptocurrency-related taxable transactions, new reporting rules should be expected for crypto traders, which, according to Frank, are estimated to generate $ 28 billion in tax revenue over 10 to 30 years. The bill says,

“December 31, 2023, and December 31, 2023,” the amendments to this section apply to the declaration to be submitted after December 2023.”

According to Frank, very few exchanges actually report taxable transactions to the Internal Revenue Service. The new bill would introduce stricter laws for crypto companies and force cryptocurrency sellers to report their purchase and sale prices. It would also require digital asset transactions of $ 10,000 or more reported to the IRS.

The blockchain Association, which is led by members of the lobbying group, says the potential regulation would place a burden on individuals and businesses to reporting requirements to provide information they cannot access.

Blockchain Association chief executive explains Christine Smith,

“What Congress sees in relation to this measure is not a new tax on the cryptocurrency industry. Instead, it imposes new reporting requirements on individual industry players who are not capable of complying with them.

“These people will face impossible reporting requirements that could impede significant investment in our economies and communities across the country. Therefore, such reporting requirements will not only strain jobs and jobs abroad-they will guide us

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