Post
Topic
Board Economics
Re: Senators push through bill with surprise crypto tax amendment
by
uneng
on 14/08/2021, 21:05:18 UTC
This is a strange news story. I thought they had already implemented tax reporting on transactions larger than $10,000 many months ago.

The infrastructure bill in question is a whopping 2,700 pages long. Its doubtful lawmakers, experts or analysts will have a chance to read everything contained in the bill before its voted on.

If regulation regarding cryptocurrencies were snuck into the bill at the last minute, I would expect it to address stablecoins. Which regulators seemed very concerned about only a short time ago.
Well, if this new bill was only about tax reporting on transactions above 10,000$ I think it would be pointless, since the currently law already forces any crypto enthusiast to report transactions above that value. But since you said there are 2700 pages in this bill I suspect there might be many hidden traps among the little letters presented there.
As I saw recently, crypto community experts said the text is ambiguous and it's not possible to know how this this bill would work in practice after voted in the senate. Personally I suspect the government is trying to create more bureaucracy, so autonomous crypto enthusiasts will have to hire a broker or similar professionals to be able to comply with the new rules.

That is what the government calls "to create new jobs".