US Lawmakers look to shake up Crypto market with proposed tax regulation
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Loading... - Tania Torrico
- 08 Mar 2023
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According to reports, a group of US lawmakers intends to submit legislation to modify the reporting requirements for specific taxpayers engaged in cryptocurrency transactions.
Punchbowl News reported on March 7 that Representatives Ritchie Torres and Patrick McHenry intend to reintroduce the Retain Innovation in America Act. President Joseph Biden signed the measure in November 2021, and McHenry was one of the main proponents of the earlier proposed bill to alter the definition of a broker as stated in the U.S. infrastructure statute.
According to a bill draft, the deadline for brokers to disclose to the Internal Revenue Service any transactions involving digital assets worth more than $10,000 would be postponed from 2024 to 2026. “Miners and validators,” “hardware and software developers,” and “protocol developer would not be regarded as brokers. Read More..
