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New Cryptocurrency Threat: US Bill

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Cryptocurrency Threat

New Cryptocurrency Threat: US Bill

Cryptocurrency Threat From the USA: A New Bill. The bill to raise $ 1 trillion for the renovation of the American infrastructure carries risks for miners and other representatives of the digital asset sphere. Bitxmi experts took apart the document and explained what to expect.

Yesterday, August 10, a bill to raise $ 1 trillion for the renovation of the US infrastructure in its original form was sent by the Senate to the House of Representatives.

The authorities are proposing to oblige miners, blockchain node operators, wallet developers, liquidity providers in DeFi protocols, and other players to report to the IRS on the activities of their users. The crypto community reacted negatively to the initiative since they considered the requirements of the law to be technically unfeasible. In particular, miners and node operators do not have information about the purpose of transfers, as well as about who makes them.

Senators Cynthia Lummis, Pat Toomey, and Ron Wyden have proposed excluding miners, node operators, software developers, and other non-custodial participants from the new bill. However, last Sunday, August 8, the compromise amendments were rejected due to the refusal of Richard Shelby to support them (unanimous support of the senators was required).

Now the document will be considered in the House of Representatives, where the necessary amendments can still be made to it, Bitksmi experts explain. According to them, even if the new bill is adopted in its current form, representatives of the crypto industry in the United States, in particular, miners, are not in danger.

Cryptocurrency Threat

They call it logical that crypto brokers should not be in a special position with regard to taxation compared to brokers in the classic exchange markets for currencies, stocks, and derivatives.

However, if the bill is passed in its current form, certain participants in the transaction process (including miners, stakers, wallet creators, etc.) may experience difficulties in collecting and submitting information. This poses a threat to their activities (could not report to the IRS – violated the law).

The definitions of a broker, as well as a digital asset in the new bill, are written quite broadly, experts add. They compare the document with the Russian draft law on taxation of transactions with cryptocurrency, which was supposed to be passed six months ago, but has caused a serious resonance, despite active lobbying.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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