Posted on 11/18/2021 6:23:23 PM PST by markomalley
Lawmakers are working to fix cryptocurrency tax reporting requirements included in the bipartisan infrastructure bill.
The Infrastructure Investment And Jobs Act signed into law by President Joe Biden on Monday contains several digital asset reporting provisions opposed by the cryptocurrency industry and advocates of the technology, who view them as unworkable and stifling.
The first provision creates new reporting requirements for any entity deemed to be a broker, which is defined as “any person who is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.” This means “brokers” have to collect and report customer information such as names, addresses and taxpayer identification numbers.
Opponents of the provision say the “broker” definition is too broad and could be taken to include software developers and “miners” — people who lend computing power to verify transactions in exchange for cryptocurrency — who lack that information, thereby creating an impossible regulation with which to comply.
(Excerpt) Read more at dailycaller.com ...
Which is why crypto is taking a 10% dive
Nothing is too big or too small for Democrats to not screw it up, screw it up more, or completely FUBAR it.
Why would they need to fix something they voted in favor of?
If you think you can control everything and everyone, you are wrong. Your hubris will only make things worse.
Too late...
Obamacare redux...
Americans never seem to learn...
GOP surrender monkeys have raped us again...
Communists cheering the the dimwittedness of the GOP and the american sheeple...
Legendary investor Jim Rogers has said for a while that crypto will not be allowed to compete with the Fed or our gubermint. Looks like he nailed it.
That should make it harder for crooks to traffic in crypto and seems no different than legitimate currency.
7 MINUTE VIDEO
BECAUSE 2020 WAS STOLEN, 2022 MAY BE THE MOST IMPORTANT ELECTION IN OUR LIFETIMES!
https://www.brighteon.com/3822002e-989b-4d13-888e-75fdb21b70f9
Nobody read it before they voted for it. They had to pass it to find out what was in it.
No one, especially our “legislators”, know what’s in these thousand page monstrosities, except each of the special interest groups who shoehorned their provisions and bribed the cheap whores, aka, our “civil servants” with donations to get their votes.
I think the mafia was less corrupt than the swamp dwellers we have in Washington.
It is a msitake to use language that implies they are doing this by accident, that they are “screwing it up”
They are doing all this deliberately
Just getting some pushback and damage control to save as much as they can
Oh but they are going to take back the house and senate! Ha ha ha ha.
I would bet Lawmakers have a vested interest in fixing that section real quick.....
I did not mean to imply by accident.
People aren’t consistent by accident.
well they might be if they are truly incapable/incompetent
but these guys aren’t that
Probably so...
But the results will be the same as always....
Blah... Blah... Blah... Hand waving...
But the usual ZERO results...
We've seen this show too many times to get excited at the possibility of real, actual significant results...
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