US Senate passes trillion-dollar infrastructure bill with unamended crypto tax language | Crypto Craft

  • US Senate passes trillion-dollar infrastructure bill with unamended crypto tax language

    From theblockcrypto.com

    On August 10, the Senate passed H.R. 3684, a landmark infrastructure package months in the making that in its final steps became a flashpoint over cryptocurrency regulation in the United States. The final vote tally was 69-30, with one abstention from Senator Mike Rounds. The bill has been a priority for the Biden administration and saw broad bipartisan support, despite Democrats asking for more and Republicans asking for less spending. The bill's process, with the Senate version incubating behind closed doors with a bipartisan group, has proved controversial, especially for the crypto community. The language that ... (full story)

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yieldjunkie
Aug 10, 2021 3:07pm
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On a more serious note, it looks like the market largely ignored this news. From what I understand, the hang-up was this:

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‘‘any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.’’
(Source)

From where we stand now the concern will likely be two-fold: 1) how the IRS translates this into tax code, and 2) the timeline upon which they do so.
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yieldjunkie
Aug 10, 2021 2:46pm
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