US lawmakers propose raising taxes on cryptocurrencies

With the measures they plan to raise 28 million dollars to be used in the partial financing of the infrastructure plan

Lawmakers in the United States proposed increasing the taxation of cryptocurrencies in order to raise an additional $ 28 million to fund the nation’s infrastructure plan.

The proposal contemplates stricter rules for organizations that operate cryptocurrencies, expanding the information requirements for brokers and requiring that all digital asset transactions valued at more than USD 10,000 be reported to the Internal Revenue Service.

Rob Portman, Senator, noted that Congress has raised concerns about cryptocurrency reporting and taxation requirements for some time. “Everyone has been talking about the proper way to provide more reporting in particular, and that this fact leads to better compliance.”

Bipartisan deals between Democrats and Republicans, which have been developing in the Senate, hastily added the measures on crypto, agreeing that the “proceeds from the new taxes on cryptocurrencies will be used to partially finance a $ 550 billion investment in transport and electricity infrastructures.”

However, the digital assets industry is pressing for the modification of the proposal. In this regard, the executive director of the Blockchain Association, Kristin Smith, pointed out: “Many of the companies that would be subject to the new rules lack the ability to collect the required information.”

She additionally described these measures as “enormously problematic” and expressed: “We are pressing each lever right now to change it.”

M. Rodríguez


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