The US Senate approved the bipartisan infrastructure deal worth $550 billion targetted at transportation and power systems. However, last-minute additions to the deal saw lawmakers impose an additional $28 billion in crypto tax. The infrastructure deal aims to fund a portion of the deal by collecting taxes on crypto transactions.
The Senate’s proposal will impose stricter regulations on crypto brokers and businesses, requiring them to actively report crypto transactions above $10,000. The crypto taxation was added at the last minute on July 28, after weeks of back and forth between the two parties.
Ohio Senator Rob Portman who led Republicans in the infrastructure discussion claimed crypto regulations were among top priorities for Congress who were concerned about crypto taxation and reporting. He said,
“Everybody’s been talking about the appropriate way to provide more reporting in particular and that leads to better compliance.”
The crypto community was not very pleased with the crypto reporting proposal and said they are pushing against it. Currently, South Korea is the only country to have imposed a 20% crypto transaction tax.
US Push For Crypto Regulations
Several US politicians over the past week have come out demanding regulators to act quickly on crypto regulations. Treasury Secretary Janet Yellen has called for regulating the stablecoin market as it acts as the fuel for crypto trading during a meeting of the President’s Working Group on Financial Markets.
Senator Elizabeth Warren has also demanded faster regulations around the crypto market as its popularity could put small investors at risk. She also stressed that regulators can’t wait until small investors get wiped out. Warren went onto claim that digital currency can help bank the unbanked and reach where major banks have failed, but without regulations, it can be manipulated by the rich and powerful.
Warren had earlier written to SEC chief Gary Gensler as well demanding to know what the agency was doing to ensure investor protection. She had given an ultimatum for the response and called upon SEC to regulate the crypto market.
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