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U.S. Senators Seek to Amend New Crypto Tax Rules

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Mon, 15/11/2021 - 18:41
U.S. Senators Seek to Amend New Crypto Tax Rules
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Senators Ron Wyden (D-OR) and Cynthia Lummis (R-WY) want to make tax reporting rules introduced in the infrastructure bill more lenient for cryptocurrency brokers, Bloomberg reports.

President Joe Biden is expected to finally sign the $1 trillion legislation into law this Monday after months of heated debates.

The legislation was widely criticized by the cryptocurrency community because of its tax reporting provisions that affect miners, wallet developers and other groups of participants.

Businesses will also be required to report crypto transactions that exceed $10,000.

Cryptocurrency-focused lobbying groups were close to amending the bill, but a last-minute dispute over military spending thwarted their plans. 

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By narrowing the rule, Wyden and Lummis’s bipartisan bill fix proposed by the two lawmakers aims to exclude individuals developing blockchain tech, according to Wyden:

Our bill makes clear that the new reporting requirements do not apply to individuals developing blockchain technology and wallets.

Treasury Secretary Janet Yellen supported amending the cryptocurrency provision in the infrastructure bill. Hence, the industry is pinning its hopes on the Treasury's favorable interpretation of the term "broker." 

The new rules are expected to come into effect in 2024.

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