Member-only story
Infrastructure Bill Passed: Why Crypto Will NEVER Be the Same
As you probably already know, the House passed the $1.2 trillion bipartisan infrastructure bill that enforces new rules for crypto-tax. That is, if Joe Biden decides to sign it into law (which he definitely will).
These big changes have the crypto community a little nervous, to say the least. The new Infrastructure bill includes tax reporting requirements meant to expand the definition of a broker for the IRS. This means that cryptocurrency enthusiasts would have to report their earnings on taxes.
Another big change in the infrastructure bill would be to amend Tax code section 6050I, a 40-year-old law that applies to in-person, tangible transactions of over $10,000. This tax code requires recipients to verify your personal information and attach that transaction to your Social Security number. They then report that transaction to the government.
Not everyone in congress sees eye-to-eye on crypto, however, and that has delayed a lot of the law changes that lawmakers want to make. Elizabeth Warren said: “Right now, our regulators and frankly our Congress is an hour late and a dollar short, and we need to catch up with where these cryptocurrencies are going.”
Senator Lummis is worried that adding more rules to crypto will make the U.S. less competitive in the world…