Forum rules
If you are posting news, press or any other related material that directly or in-directly benefits you, we request that you post a back-link to bitcoin.com by using a button, banner or text-link on your website. Thanks for supporting Bitcoin.com!
User avatar
MarkRoberts
Bronze Bitcoiner
Bronze Bitcoiner
Posts: 483
Joined: Wed Jan 13, 2021 10:19 am

Vague Language on Bill Fuels Amendment Strife

Fri Aug 13, 2021 1:19 pm

Joe Biden’s $1 trillion infrastructure bill is proposing placing stricter tax reporting obligations on cryptocurrency transactions. When first proposed, the crypto community came forward critiquing the language used as vague and too broad.

The original language used only mentioned brokers of digital assets should report on crypto trading gains. The bid to narrow down on specifics yielded the ongoing crypto amendment battle between two camps on senators.

One proposal that has garnered the support of President Joe Biden states that only proof–of–work entities would be absolved from tax reporting obligations. The proof-of-work entities include players like the Bitcoin miners.

The anti-crypto amendment, on the other hand, obligated proof-of-stake entities to report their earnings for tax purposes. Tax reporting obligations mean that these entities, which include Ethereum 2.0 validators, will have to provide customer information to the tax authorities.

As expected, the crypto community is fighting this bill to the tooth. Providing customer information will be a violation of all that crypto promises its users, that fiat currency cannot provide.

Senators Mark Warner (D-VA) and Rob Portman are standing strong behind this anti-crypto amendment. The White House showed its support by stating on Thursday that the amendment was the “right balance” and was a step forward in promoting tax compliance.

The crypto community is counting on Senators Ron Wyden (D-OR), Cynthia Lummis (R-WY), and Pat Toomey (R-PA) who are opposing the amendment with a pro-crypto amendment of their own. The senator’s counter amendment is that non-custodial entities would not be required to hand over customers’ information to tax authorities.

[url]
https://mycryptoparadise.com/crypto-tax-strife-continues-as-senate-delays-vote/[/url]

Return to “In the news”

Who is online

Users browsing this forum: No registered users and 25 guests