Eleventh-hour additions to the bipartisan infrastructure deal in the United States Senate saw lawmakers recommend expanded cryptocurrency taxation to raise an extra $28 billion in revenue.
- The proposal will implement stricter rules on businesses handling cryptocurrency, expanding reporting requirements for brokers, and reporting of digital assets transactions worth over $10,000 to the IRS.
- Revenue from the new crypto taxes will be used to partially fund a $550 billion investment into transportation and electricity infrastructure.
- The digital asset industry is already pushing against the proposal, with Kristin Smith Blockchain Association executive director arguing that the firms lack the capacity to collect the necessary information under the new rules.
- The proposal comes as crypto-assets continue to face significant regulatory pressure in the United States.
On Tuesday, Acting Comptroller of the Currency Michael Hsu revealed regulators were investigating commercial reserves leading to stablecoin Tether USDT. Secretary Janet Yellen pushed for greater regulation governing stablecoins and stable token issuers.
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Source: CoinTelegraph.