US government taxes crypto transactions by funding $ 1 trillion infrastructure package

U.S. lawmakers and President Joe Biden have wrapped up details of a $ 1 trillion bipartisan package for infrastructure. The Plan also includes measures to improve tax compliance and includes measures aimed at improving tax compliance, particularly with respect to cryptocurrencies and crypto assets. 

Invest Once In A Generation”
The bill, described as a “once-in-a-generation” investment in U.S. infrastructure, also includes $ 550 billion in new Federal investment in U.S. infrastructure. It will be spent on developing bridges, roads, high-speed Internet, electric vehicles, ports, public infrastructure and other areas. The bill also outlines provisions that would allow the government to raise $ 28 billion for cryptocurrency transactions. 

Crypto In The Line Of Fire 
Plans to strengthen tax control against kriptovalyutnyh assets were not initially part of the bill. However, it was added at the last minute to raise October funds for the infrastructure package. 

The bill includes measures to improve tax laws, such as reporting requirements for exchanges and crypto intermediaries. According to the account, exchanges and crypto brokerage companies must provide all information related to cryptocurrency transactions in excess of or exceeding US $ 10,000 to the Tax Office. 

Broad Definition 
Jake Cerwinski of compound Finance entered into the proposed legislation on Twitter, breaking the bill to mark the impact on the crypto industry. According to Cherwinski, the bill significantly expands the definition of “broker” for almost every economic entity involved in the crypto industry. The new design may also include miners and verifiers. 

The legislative proposal could also cover Sundays and Defi participants such as liquidity providers, decentralized exchanges, protocol managers and liquidators. 

Possibility of observation or prohibition of actual mining
Chervinsky also highlighted the potential for surveillance,

Join the Discussion

  • BrokerEUR/USD
    CMC Markets 0.7pips. (variable) margin: 3.33%
    SpreadEX 0.6pips (variable) margin: 3.33%
  • Back to top