A bipartisan group of U.S. lawmakers have introduced a bill to amend the crypto-related provisions in the bipartisan infrastructure bill signed into law earlier this week.The “Keep Innovation in America Act,” introduced Thursday, would amend the definition of a crypto broker included in the Infrastructure Investment and Jobs Act, the bipartisan infrastructure bill passed by … [Read more...] about US Congressmen Introduce Bill to Modify Crypto Tax Provision in Infrastructure Law
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Sen. Lummis Mounts Last-Ditch Effort to Modify Crypto Broker Language
“We need to be fostering innovation, not stifling it, if we are going to maintain America’s position as the global financial leader,” Lummis said in a statement. “I’m proud to introduce this bipartisan bill to ensure that our tax system reflects the realities of digital assets and distributed ledger technology.” Source link … [Read more...] about Sen. Lummis Mounts Last-Ditch Effort to Modify Crypto Broker Language
Why Crypto Should Modify the Section 6050i Tax Change, Not Fight It
The best way to resolve this problem would be to break the category “digital assets” up into three types: stable digital assets (stablecoins and LTDA), non-stable fungible coins (bitcoin, ether, dogecoin, etc) and non-stable non-fungible coins (NFTs). The monetary threshold for triggering a Form 8300 reporting requirement, currently set at a flat $10,000, should be indexed to … [Read more...] about Why Crypto Should Modify the Section 6050i Tax Change, Not Fight It