US Senate Passes Infrastructure Bill
The US Senate passed a USD 550bn infrastructure plan with the original crypto tax provision.
"Next, the bill goes to the House, which is in recess until September 20. We don't know yet if we'll have a chance to make amendments there," according to Jake Chervinsky, the General Counsel at Compound Finance.
A controversial infrastructure bill contains a number of clauses that pertain to crypto players and how they are taxed. As previously reported, most of these pertain to the legal definition of a “broker.”
The original bill could force the crypto mining and trading community to cough up a staggering USD 28 billion – to help fund hundreds of billions worth of USD worth of public spending projects. “Broker” status would force miners and developers to provide exhaustive lists of documents and transaction history records to Internal Revenue Service officials – before paying taxes on their holdings and historic earnings.
"This fight isn’t over. If they didn't before, Washington now understands the power, passion, intensity and dedication of the crypto community. We plan to continue to fight to keep crypto in the US. Crypto: here for good," Washington-based Blockchain Association reacted.
(Updated at 17:24 UTC with more reactions.)