Digital assets like bitcoin and other cryptocurrencies are a rapidly growing part of our economy.
The underlying distributed ledger and blockchain technology has many applications, and Congress should prioritize policies that fuel innovation & growth in the crypto space.
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The infrastructure bill includes a provision that helps accomplish that goal. It standardizes information reporting by crypto-brokers to the IRS for tax purposes – the same way it’s done for stock trades.
This will make it easier for folks to determine & pay their tax bill.
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The legislation does not impose new reporting requirements on software developers, crypto miners, node operators or other non-brokers.
It simply says that brokers must comply with standard information reporting obligations. Which many already do!
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This common-sense provision will provide clarity and legitimacy for the industry, make life easier for everyday Americans, and help ensure that the US remains a global leader in crypto innovation and development.
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This is misleading as current language in the bill would include individuals as brokers even though they aren’t acting on behalf of a client. The problem is your net being cast for “brokers” is far too vast and unclear.
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How is this in the infrastructure bill when the republicans complained about adding “non-traditional” infrastructure?? Sounds like it’s not infrastructure at all.
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Huh?
You spent months telling us "infrastructure is ONLY defined as roads, bridges, and highways" now you're telling us cryptocurrency is also infrastructure? Why isn't childcare infrastructure?
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Wait. You said infrastructure was only bridges and roads. Now infrastructure is bitcoin? But not schools or childcare that would actually help Ohioans? Rob must be profiting off of this somehow.
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