The bill on taxation of digital currencies, which was approved by the Senate without any changes, is scheduled to be voted on in the US House of Representatives next month. However, a US Treasury Department official recently said that businesses that could not comply with the new regulations would not be required to file tax returns.
to the Report Coin Telegraph: The controversial US Senate $ 1 trillion infrastructure investment bill is set to be passed by the US House of Representatives on September 27 (October 5) without any changes in the sections related to digital currency taxation.
The House of Representatives agreed to vote on the bill when it approved the Democrats’ $ 3.5 trillion budget by 220 votes to 212. Despite pressure from some moderate Democrats who voted against the $ 3.5 trillion budget, US House Speaker Nancy Pelosi announced that she would pass the infrastructure bill by September 27th.
I guarantee that I will pass the bipartisan infrastructure bill before September 27 (October 5). I will do this with the support of House Democrats.
In late July, digital currency tax regulations were added to the plan in the final days of the infrastructure bill review. Under the new rules, $ 28 billion of the funding needed to run the project will be raised by taxing digital currency-related activities.
The irrational text of this bill caused a serious shock to the body of the digital currency community. Experts say the scheme requires stock-based network validators and developers of digital currency platforms to comply with strict tax reporting requirements, even though these businesses do not have the conditions to comply with the new rules.
In early August, US senators appeared determined to pass an amendment that explicitly exempts creditors and developers of digital currency platforms from filing tax returns, but due to opposition from one senator, the bill was rejected. A change will be approved by the US Senate.
However, statements by a Treasury Department official have raised hopes for the digital currency community. He told CNBC that businesses that could not comply with the new regulations would not be required to file tax returns.
The unnamed official said the Treasury Department intends to conduct a thorough investigation to determine which businesses operating in the digital currency industry can comply with the new regulations.
The Treasury Department official’s remarks have somewhat reassured Jerry Brito, CEO of the Coin Center. He said that according to the current text of the bill, all transactions and transactions related to digital currency should be reported. Brito also noted that digital currency transactions worth more than $ 10,000 must be reported to the US Internal Revenue Service along with the other party’s personal information.
CEO Coin Center said:
I’m glad that the Treasury Department seems to want to find out, but please do not accept the claims that the digital currency community has overreacted to these regulations.
Kristin Smith, executive director of the American Blockchain Association of America, said in response to the approval of the infrastructure bill without changes, saying it was a failure but not a surprise.
However, this will not be the end. [ما در] Blockchain Association [به همراه] Forty-six newcomers to the digital currency community across the country are committed to supporting technology freedom and regulation in the interests of the digital currency industry, both in this particular tax case and in macro digital currency policies.