The U.S House of Reps has now passed a $1.2 trillion infrastructure bill, which would make sure that new provisions with regards to crypto tax reporting for all U.S citizens are met, if approved by President Joe Biden.
U.S House of Reps Sends $1 Trillion Bill to President Joe Biden For Arrival
At first, the infrastructure bill proposed by members of the U.S House of Reps, was initially aimed at improving the internet coverage and national transport network. However, the bill also mandated very strict reporting requirements for the crypto community, requiring that all digital asset transactions worth above $10,000 must be reported to the IRS.
As Coingape reported, the bill was first approved by the Senate on Aug. 10 with a 69-30 vote, albeit was met with a proposal to compromise amendment by a group of six senators — Pat Toomey, Cynthia Lummis, Ron Wyden, Rob Portman, Kyrsten Sinema, and Mark Warner.
According to Toomey, the legislation is badly flawed, and even unrealistic in some cases. To him, cryptocurrency tax reporting mandate is a threat to future tech innovations.
Now, despite the fact that the bill’s verbatim wasn’t really in clear terms, the infrastructure bill still hopes to treat the crypto community’s software developers, transaction validators and node operators in a similar fashion to brokers of traditional financial institutions.
The controversial infrastructure bill has now been passed by the House of Representatives to President Biden after securing a win of 228 to 206 votes.
Meanwhile, the crypto community remains skeptical about the vagueness in describing the word ‘broker’ which may subsequently impose unrealistic tax reporting requirements for sub-communities such as the miners.
Crypto Community Not Psyched About The Bill
There are many dissenting views with regards to this bill as the twitter community goes into a frenzy, with most expressing their displeasure about the update. According to a Twitter user identified as @Melt_Dem, the bill is unconstitutional and inherently anti-American. He believes it is an intrusion into the financial privacy and freedom of private citizens.
Once found wanting after being unable to disclose crypto-related earnings, such fellow will be treated as a tax violator and felon.
Legal experts are now recommending that amendments be made to the infrastructure bill that considers failure to report digital asset transactions as a criminal offense.
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