US: project to tax cryptocurrencies advances and traders fear

Joe Biden’s proposed infrastructure megaproject won approval in the Senate with the support of some Republicans and is now awaiting resolution in the House of Representatives.

The US Senate passed the more than $ 1 billion Infrastructure Bill, with a growing coalition of Democrats and Republicans sanctioning the first stage of President Joe Biden’s rebuilding plan.

The vote now goes to the House of Representatives. The new infrastructure plan envisions raising $ 28 billion in taxes over the next decade, starting in 2023, on activities related to cryptocurrency transactions.

To the approved being, it will force brokers criptomonedas to report information about transactions involving digital assets. The Joint Taxation Committee also wants people to report any gain or loss they may have from the transaction of this type of asset.

As reported by Breitbart News (BN), the regulations are intended to offset the $ 1.2 trillion expenditure required by the infrastructure plan that the Biden administration is carrying out.

The law will require any broker to submit a tax form for each transaction with a digital currency. In the project, “digital currency” is any digital representation of value that is recorded in a cryptographically secured ledger or any similar technology, as specified by the United States Secretary of the Treasury. It also instructs to be informed of all operations that exceed USD 10,000.

Andy Hetch of the Cryptocurrency specialist Daily News expressed his views hours before the approval: “ After 2008, following the financial markets crisis, the ground was paved for cross-border regulatory cooperation. Given the move towards low globalization. under the Biden administration, regulators from the United States, the United Kingdom, and the EU are likely to work together to establish a framework for the regulation of cryptocurrencies. ”

“While they will present this as a regulatory environment to protect investors, traders and the sanctity of money, the underlying factor will be the control and maintenance of the monetary status quo.”

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