Regulation NewsWorld News

The Senate bill to impose a tax on digital currencies will be put to a vote on Tuesday

The US Senate debates on a bill related to the taxation of digital currencies have ended without any changes and the same original plan is scheduled to be voted on Tuesday this week.

to the Report Coin Telegraph: One of the goals of the bill is to provide the $ 28 billion in funding needed to implement the US Infrastructure Investment Plan through a tax on digital currencies. Apply to digital currency-related businesses identified as “brokers”.

Jake Chervinsky, Legal Assistant at Compound Finance, tweeted today that the Senate has voted to end the bill, with 69 in favor and 29 against. Opposition groups called for a halt to the talks, which were adjourned until Tuesday’s vote.

Chervinsky stressed that senators could still unanimously approve the bill before a final vote.

Senate talks on controversial digital currency tax rules in the US infrastructure investment plan have stalled and an unchanged version of the bill is due to be put to a vote on Tuesday.

The broad definition of “digital currency broker” in the text of this bill has come as a shock to the body of the digital currency industry. Experts believe that the concept of broker in the bill includes miners, shareholder pool participants, other network validators and developers of digital currency software, and may in the future be subject to third-party tax reporting regulations.

Filing a third-party tax return refers to a law that requires some businesses and individuals to report their earnings details accurately to the U.S. Internal Revenue Service. In many cases, tax laws require businesses that are known as third parties to provide information about their payments to other institutions and individuals to the US Internal Revenue Service.

The Digital Currency Society recently backed an amendment introduced by U.S. Senators Pat Toomey, Rob Wyden and Cynthia Lummis. The amendment narrows the definition of a broker in the Senate bill, exempting miners, network validators, and software developers from tax reporting. Most lawmakers, however, have backed a rival amendment, a joint amendment by Rob Portman, Mark Warner and Kyrsten Sinema, in which only miners, stock-based network validators and wallet providers Digital currencies are exempt from the provisions of this bill.

According to a tweet issued by Senator Lumis on August 8, both sides, which intend to amend the bill, have been left with 30 hours to vote due to disagreements. There is a law in the United States that allows senators to decide on a bill 30 hours before the vote.

Senator Lumis said:

While some senators want to focus on the Infrastructure Investment Bill so they can increase their knowledge of the bill, Senate Majority Leader Chuck Schumer wants to hold a final vote sooner so he can pass on other laws. [در دست بررسی سنا] Concentrate and will not allow a vote on the amendment unless that happens (senators have 30 hours to vote on the bill).

Lumis added:

I think that if we could vote in favor of the amendment, the digital currency community would be satisfied with the result.

If the Senate approves the bill on Tuesday, passing it into law would need to be approved by the House of Representatives, giving it more time to reconsider digital currency regulations.


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button