Biden pushes law to collect taxes with cryptocurrencies in the United States

As Breitbart News (BN) reports, the regulations aim to offset the $ 1.2 trillion spending required by the infrastructure plan implemented by the Biden administration. The president himself agreed with lawmakers on both sides on the processing and approval of the law, BN sources said. For now, his vote remains in the Senate, and if approved, it will then go to the House of Representatives.

The law will require any broker to submit a tax form for every transaction with a digital currency. In the draft, “digital currency” is any digital representation of value that is recorded in a cryptographically secure ledger or similar technology, as specified by the United States Secretary of the Treasury. It also instructs to be informed of all operations that exceed the 10,000 USD.

The reactions were quick. Kristin smith, executive director of Blockchain AssociationHe said the move could push those working in the field out of the country. For now, his vote remains in the Senate, and if approved, it will then go to the House of Representatives.