{"id":47040,"date":"2021-08-01T14:47:14","date_gmt":"2021-08-01T11:47:14","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=47040"},"modified":"2025-09-01T19:25:17","modified_gmt":"2025-09-01T16:25:17","slug":"experts-criticise-us-congress-plan-for-expanded-crypto-taxation","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/experts-criticise-us-congress-plan-for-expanded-crypto-taxation\/","title":{"rendered":"Experts criticise US Congress plan for expanded crypto taxation"},"content":{"rendered":"

On July 28, US senators approved a bipartisan bill aimed at modernising America’s infrastructure. The plan would spend about $1 trillion \u2014 part of the funding be provided<\/a> through a tougher regime of taxing cryptocurrencies.<\/p>\n

The bill contains new reporting requirements for participants in the digital-asset industry. In particular, they will be required to report to the Internal Revenue Service (IRS) cryptocurrency transactions over $10,000. By doing so, the senators expect to raise around $29 billion for the federal budget.<\/p>\n

According to lawyer Jake Chervinsky, the bill expands the definition of \u201cbroker\u201d in the U.S. tax code to cover nearly all participants in the sector, including non-custodial actors (for example, miners), and obligate them to comply with KYC<\/span>.<\/p>\n

\n

2\/ The bill expands the definition of a \u00abbroker\u00bb to include \u00abany person who (for consideration) is responsible for and regularly provides any service effectuating transfers of digital assets.\u00bb<\/p>\n

Earlier drafts said \u00abeven if non-custodial\u00bb & explicitly included DEX & P2P markets.<\/p>\n

\u2014 Jake Chervinsky (@jchervinsky) July 30, 2021<\/a><\/p><\/blockquote>\n