US Treasury Assures Crypto Requirements in Infrastructure Bill Won’t Target N...
Despite the broad definition of a broker in the $1.2 trillion infrastructure bill, an official of the U.S. Treasury Department says that non-brokers will not be targeted even if the bill is not amended. The official added that crypto advocates’ fears are unwarranted. Treasury Official Says Non-Brokers Will Not Be Targeted The U.S. Department of the Treasury explained Tuesday that the crypto reporting requirements in the $1.2 trillion infrastructure bill will not target non-brokers even if the bill is not amended, CNBC reported, citing an official of the department. Crypto advocates....
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Five U.S. senators have been working with the Treasury Department and have come up with a compromise crypto amendment to the $1.2 trillion infrastructure bill. “We’ve worked with the Treasury Department to clarify the underlying text and ensure that those who are not acting as brokers will not be subject to the bill’s reporting requirements.” Senators, Treasury Department Agree on Compromise Amendment for Crypto Reporting Requirements The U.S. Senate Committee on Banking, Housing, and Urban Affairs announced Monday that Senators Pat Toomey (R-Pa,) Mark Warner....
Speaking on condition of anonymity, an official has reportedly told Bloomberg that the Treasury Department is planning to clarify the definition of “broker” in the recently passed infrastructure bill. The United States Treasury Department is reportedly seeking to clarify the definition of brokers in the bipartisan infrastructure bill passed by the Senate last week, offering cautious reassurance that the new legislation won’t impact innovation and growth in the blockchain industry. As reported by Bloomberg, the Treasury Department is preparing guidance on what types of crypto companies will....
General counsel to Compound Labs, Jake Chervinsky, has warned that the Treasury Department wants to “capture” the DeFi sector through the crypto provisions added to the infrastructure bill. The last-minute cryptocurrency provisions added to the U.S. infrastructure bill sought to “capture DeFi,” argues Compound’s general counsel Jake Chervinsky.Appearing on the Bankless State of the Network podcast on August 17, Chervinsky — who is also DeFi Chair of the Blockchain Association — said the industry had been “blindsided” by the infrastructure bill’s crypto tax provisions which were announced....
The infamous Infrastructure Bill put the IRS in a difficult situation. The bill gave the organization incredible fund tracking superpowers. The thing is, the measurements were impossible to enforce. Now, Bloomberg informs us about a letter that a group of senators received on Friday. It basically says that cryptocurrency miners, stakers, “as well as software […]
The House of Representatives will vote on the controversial infrastructure bill without amendments to its cryptocurrency provisions by Sept. 27. The controversial $1 trillion infrastructure bill will see a vote in the U.S. House of Representatives without any amendments to the crypto tax provisions by Sept. 27.The vote was agreed to after the House narrowly approved the Democrats’ $3.5 trillion budget blueprint in a vote of 220 to 212. Despite some initial pushback from moderate Democrats, the dissident voters were swayed after House Speaker Nancy Pelosi committed to pass the bill before....