The Biden White House wants a crypto version of the G20’s ‘Common Reporting Standard’ in order to sniff out tax dodgers in the crypto world
Altcoins like Cardano and XRP made significant gains on Wednesday, hiking 16.71% and 18.85% as of 4:00 pm ET.
Ethereum and bitcoin shed just 1.5% and 2% on the news, and made small gains later in the day.
Inclusion of new language narrowing definition of a crypto broker does not pass ‘unanimous consent’ procedure.
Bitcoin traded above its 200-day moving average line despite efforts to change broad industry taxation language in the infrastructure bill.
Despite regulatory scrutiny in the Senate, the recent bull run continues for bitcoin and ethereum.
A $1 trillion bipartisan infrastructure bill has moved closer to passing, but senators still need to address two competing cryptocurrency-related amendments that seek to clarify tax reporting requirements.
Media reports say Treasury Secretary Janet Yellen is one of the loudest voices against an amendment to the infrastructure bill which would remove problematic language requiring cryptocurrency tax reporting.
The White House comes out in support of the original provision which requires digital asset brokers to disclose investors’ gains earned from cryptocurrency. Senate to vote as early as Saturday, August 7.
Jason and Senator Lummis talk bout the proposed infrastructure bill and the impact it could have on bitcoin and innovation at-large.
Senators Wyden, Lummus, Toomey propose slimming down the definition of crypto broker to make tax reporting requirements more narrow