US Department of the Treasury Prepared A Bill for Crypto Tax

The US Department of Treasury prepared a bill for crypto tax. It is known that the USA has been working to tax cryptocurrencies for a long time.

The US Department of Treasury is said to be trying to make peace with crypto developers, miners, and hardware companies that are concerned about the tax requirements of the bipartisan infrastructure bill. According to Bloomberg's news, which is based on an unnamed source, the Treasury will not follow the people or institutions that do not meet the definition of "intermediary" in the US tax system. In the news, it was stated that the regulation on the subject, which will clarify the ambiguous expressions in the bill, may be published next week. Still, it is thought that the Treasury will not apply a comprehensive exemption as industry wanted. On the other hand, the possibility of amending the bill in the House of Representatives, to which it was sent after the approval of the Senate, has not yet been eliminated. As it is known, articles on the taxation of cryptocurrencies were added to the bill, which allocates a budget of 1.2 trillion dollars for infrastructure developments in the USA. $28 billion of the trillion-dollar spending is intended to be financed by tax on cryptocurrencies. In addition, the definition of "intermediary", which determines the parties to be taxed, was too broad, and it was criticized on the grounds that it would block the newly developing cryptocurrency sector in the USA and hinder innovation. In particular, there were concerns that the attempt to tax all services that transfer digital assets on behalf of other people would hit the industry. It was claimed that developers and miners falling under the bill's definition of intermediary would have to provide reporting information that they could not obtain, and that the bill was prepared in haste.