New law to collect ONE TRILLION DOLLARS tax from crypto currency buyers and sellers

remember cryptos untrackable and anonymous!! or something!!




US Senators have reached an agreement to amend the definition of who counts as a digital asset “broker” in the bipartisan infrastructure bill, a change that makes sure cryptocurrency miners and engineers are exempt from the proposed regulations.

In an attempt to pay for the trillion-dollar bill , Congress is introducing rules that will make it more difficult for crypto investors to evade paying taxes whenever they buy or sell digital cash like Bitcoin or Ethereum.

Brokers – people who manage the transactions that allow traders to buy, sell, or exchange cryptocurrencies – will have to collect the personal information of the payers and payees involved in the financial settlement. That data can then be reported to America’s tax agency, the Internal Revenue Service.

Two different groups of senators, however, have been squabbling over the final wording of the bill that defines who is a broker or not.

Senators Ron Wyden (D-OR), Pat Toomey (R-PA), and Cynthia Lummis (R-WY) want to make sure brokers are restricted pretty much to cryptocurrency exchanges. People mining crypto, software developers processing blockchain transactions, or hardware vendors selling the mining kit shouldn't be required to collect customer data, they said. But Senators Mark Warner (D-VA), Kyrsten Sinema (D-AZ) and Rob Portman (R-OH) are in favor of a broader and looser definition who should be classified as a broker.

[link to www.theregister.com (secure)]