US senators propose cryptocurrency tax to fund infrastructure plan 

A bipartisan infrastructure deal is scheduled to be reviewed in the U.S. Senate and seeks to increase investment in cryptocurrency tax measures, transportation and energy infrastructure by $ 550 billion. The agreement with infrastructure allows for stricter implementation of the regulatory framework for cryptocurrencies and digital assets. The terms defined in the agreement are that October will receive an additional $ 28 billion from cryptogeld transactions based on year-to-year projects.The section decrying updated restrictions and taxes on cryptocurrencies and digital assets was hastily added to the deal, following heated disagreements between Republicans and Democrats over spending categories.

US-based crypto associations reacted negatively to the proposed measure, fearing that the measure would force us crypto companies to work elsewhere given the new restrictions.

“It’s extremely problematic, we’re now pushing all the leverage to change that,” says Christine Smith, chief executive of the Blockchain Association, a Washington-based crypto trade group.

The offer follows a preliminary statement by the US Treasury in May and the offer to charge a fee for crypto transactions above $ 10,000. If the new measures are implemented, cryptobrokers, exchanges and companies will be required to submit and record trading reports on cryptocurrencies and digital assets with nominal withdrawals in virtual currencies as defined by the current rules.

These registered reports from crypto and crypto-related companies will then be submitted to the tax office to receive the necessary documents, and a new October Line will be added For form 1040 (individual tax return / ITR) in 2020. This measure is designed to strengthen the current regulation of Fiat transactions above the same transaction threshold.

“Although today is a relatively small portion of operating income, the importance of cryptocurrency transactions will increase next December

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