A bipartisan team of senators has made changes to the cryptocurrency reporting requirements contained in the $1.2 trillion infrastructure law recently signed by US President Joe Biden. Certain aspects of these requirements will be relaxed according to the changes. Here are the details…
Changes have been made to articles on cryptocurrencies
Following the enactment of the $1.2 trillion infrastructure bill, which U.S. President Joe Biden described yesterday as “a tremendous win for the American people,” a bipartisan team of U.S. senators has introduced a bill that will replace some of that law’s focus on cryptocurrency reporting. cryptocoin.com As we reported, many crypto investors have expressed concerns that the crypto tax provision of infrastructure legislation is overly broad and could be problematic, especially for decentralized finance (DeFi) and miners and software developers.
Senator Cynthia Lummis, herself a Bitcoin holder, and Senator Ron Wyden, Chair of the Senate Finance Committee, co-wrote the new bill that will make these revisions retroactive to the infrastructure bill that was adopted today. “We need to encourage innovation, not stifle it,” Lummis said. Some details of the bill include clauses such as clarification of tax reporting requirements that were included in the original law to help fund the cost. According to Senator Wyden, under the changes, these requirements will no longer apply to “individuals developing blockchain technology and wallets.” He stressed the importance of preserving American innovation, but also stressed the need to push tax collection.
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