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Few would have guessed that the big bipartisan infrastructure bill – a key priority for President Joe Biden – would be thrown into deep trouble because of an amendment regarding the taxation of the crypto industry. And yet we are there. The problem is not the attempt at more stringent crypto taxation per se, but rather some of the definitions regarding who is obligated to file what information to the government.
Advocates in the crypto industry have said that some of the reporting requirements will be unobtainable for some entities (such as miners). While there are many different factions within crypto, the industry is almost entirely united in fighting some of these proposed rule changes.
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