US senators Patrick McHenry and Ritchie Torres are preparing to reintroduce a tax reform bill for crypto.
According to the news presented by local media Punchbowl, Senator Patrick McHenry And Ritchie Torres Firstly in March 2021 Introduced and will replace existing cryptocurrency tax reporting requirements “Protect Innovation in America” reintroduced the bill. Senatorsnarrowing the scope of tax And sides the distinction between to be clarified will provide bill resubmit to parliament plans.
According to a draft law tax procedures for crypto trading broker definition, “It is a structure with sufficient capacity to carry out digital asset transactions with the guidance of its customers in the ordinary course of a business.as “r” will be narrowed.
Available tax And reporting operating in the crypto industry miners, validators, developers And infrastructure provider innovation And its activities Senators who believed that it prevented the draft made the following statements:
Reporting requirements under current law require digital asset market participants to comply with standards that are inconsistent with their functioning. This will hinder the development of digital asset technology in the US in the future and will cause developers to move their activities abroad.