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.
Our bill makes clear that the new reporting requirements do not apply to individuals developing blockchain technology and wallets.
Crypto Ban No Longer Feasible for SEC, Bloomberg's Top Columnist SaysXRP Back in $2 World, Bitcoin (BTC) Caught in Crossfire, Shiba Inu (SHIB) Let Bulls DownXRP Rockets 7,676% in Liquidation Imbalance, 12,887.11% for Shiba Inu, Ripple CTO Back In Code — Crypto News DigestTether CEO Issues Bullish Bitcoin Statement Despite Crypto Market Slump
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.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team