The new law on financing infrastructure projects, signed by US President Joe Biden, will force cryptobrokers and operators to report to the tax service, Bloomberg writes. Many senators have already made the abolition of the law, as it will complicate trade in digital money.
According to the document, cryptocuridants must notify the tax service about any transactions in the amount of more than 10 thousand dollars. Now they will inform information about their users on a par with other financial organizations. Cryptor regulation included in a new law to compensate for part of the costs of infrastructure projects. The United Committee of the Congress on Taxation calculated that at the expense of new rules it will be possible to collect about $ 28 billion dollars in ten years.
Previously, the bill was criticized by senators several times. For example, Senator Pat Tumi called it “too expensive and too dangerous for an innovative cryptocurrency economy.” According to opponents of the draft law, the formulation of requirements will oblige some market participants to provide information to which they do not have access. The obligation to notify the tax service about transactions in the amount of more than 10 thousand dollars is impracticable, for example, for miners and software developers.
On the day of signing the law by the President of November 15, the Senators Ron Wyden and Cynthia Lammis submitted a draft amendment for consideration. The document exempts from the tax reporting of the developers of blockchain technology and cryptocurrency wallets. Investors Cryprints support the initiative and declare that the current wording in the law is excessively wide and restrains the growth of digital currencies.
On the day of the law of the law by force, Bitcoin’s course sharply fell by 7.6 percent to 58.67 thousand dollars, reaching a ten-day minimum, the CoinDesk data is evidenced. The market capitalization of the first cryptocurrency decreased to 1.14 trillion dollars.