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The IRS is actually a lot nicer than you think. Especially to you crypto stakers out there. Or, maybe at the very least just Tezos stakers… Important development for those earning any Staking rewards. Keep an eye on further tax news as you may be entitled to refunds for any Staking rewards you paid income tax on […]
The post We’ve Got Some Great News For Crypto Stakers appeared first on CryptosRus.
Jerome Powell nominated: the acting fed chair is perhaps best known to the cryptosphere as the, “Money printer go BRRR,” guy. Jerome Powell has been nominated for a second term to lead the Federal Reserve. ?ullish for #Bitcoin ??????? pic.twitter.com/w7A4dlh2Pd — Bitcoin Archive ?????? (@BTC_Archive) November 22, 2021 President-elect Joe Biden announced today that […]
The post Breaking: Money Printer Go BRRR As Fed Chair Jerome Powell Nominated For Second Term appeared first on CryptosRus.
The cryptocurrency clash between members of Congress is heating up again after 10 representatives line up to support yet another crypto amendment. Covered: Bitcoin Price Update Latest Crypto Amendment Development The Orginal Infrastructure Bill There are definitely people out there selling cryptocurrencies — The Crypto Dog?? (@TheCryptoDog) November 18, 2021 Bitcoin and the overall crypto […]
The post US Legislators Introduce Important New Crypto Amendment In Bipartisan Bill appeared first on CryptosRus.
Digital Asset Provision: the letter comes just a day after the bill was signed into law. We stand united to ensure more tax certainty for #cryptocurrency and work with the IRS on key reforms. Together, we will continue to support innovation and protect consumers. pic.twitter.com/xu1Dj2GAqD — Rep. Darren Soto (@RepDarrenSoto) November 16, 2021 On late […]
The post Breaking: Ten Senators Urge Speaker Pelosi To Reverse “Crippling” Digital Asset Provision appeared first on CryptosRus.
Digital Asset Provision: the letter comes just a day after the bill was signed into law. We stand united to ensure more tax certainty for #cryptocurrency and work with the IRS on key reforms. Together, we will continue to support innovation and protect consumers. pic.twitter.com/xu1Dj2GAqD — Rep. Darren Soto (@RepDarrenSoto) November 16, 2021 On late […]
The post Breaking: Ten Members Of Congress Urge Speaker Pelosi To Reverse “Crippling” Digital Asset Provision appeared first on CryptosRus.
Senators Cynthia Lummis and Ron Wyden are back again to speak up for the crypto community in Congress. Will their latest crypto amendment to the infrastructure bill make the cut? Covered: Senators’ New Crypto Amendment The Original Infrastructure Bill Governments Around The World Turning To Bitcoin In another episode of the heated infrastructure bill debate, […]
The post Breaking: Senators Fight To Include Last-Minute Crypto Amendment To US Infrastructure Bill appeared first on CryptosRus.
The passing of the Infrastructure Bill on November 6 is a poignant reminder that though revolutionary, crypto has a lot more hurdles to jump over before being embraced “by the old money.” It seems like new crypto millionaires are not just yet welcomed—especially if the U.S. President proceeds to approve... Read More
Much was made last month about the crypto tax provision that was lumped into the massive infrastructure bill that the Biden administration has been seeking to push through Congress. The bill has been stalled, but now the “U.S. House of Representatives voted to pass a bipartisan infrastructure bill that contains a controversial cryptocurrency tax reporting […]
The post Here’s the latest on the controversial crypto tax provision appeared first on CryptosRus.
The proposed bill includes intrusive tax collection measures which would inhibit the productivity of the nation.
The vote is scheduled for tomorrow, but is likely to be delayed again because of a competing bill brought forth by the progressive wing of the democratic party. Covered: Infrastructure Bill, Explained The Squad What Does This Mean For Crypto? Infrastructure Bill Crypto No infrastructure bill should pass without a $3.5 trillion reconciliation bill. That is […]
The post That Dreaded Infrastructure Bill With Crypto Provision Might Not Pass Thanks To Unlikely Ally appeared first on CryptosRus.
From bans to bills, the FUD is strong for Bitcoin and crypto this week, but traders are overwhelmingly optimistic about BTC price action. Bitcoin (BTC) is at the start of another week with China's latest "ban" behind it — but its next "FUD" story is already brewing.The United States' infrastructure bill is back on the… More
The post China fear is now infrastructure bill fear — 5 things to watch in Bitcoin this week appeared first on BTC Ethereum Crypto Currency Blog.
While Speaker Nancy Pelosi expects the infrastructure bill to pass, the Democrats are divided on whether to pass the legislation before the terms of a follow-up $3.5 trillion package is finalized.
The tax change would extend the IRS cash payments reporting requirements to bitcoin and cryptocurrencies.
Governments truly wanting to “beat Bitcoin” may carefully consider siphoning the value gained through bitcoin.
The recent addition to the infrastructure bill is an affront to the progression of the Bitcoin industry in the United States.
In major negative news for crypto-enthusiasts and developers in the United States, the U.S. Senate has passed the draconian-for-crypto $1 Trillion Infrastructure Bill on Aug 10, 2021. It will now be presented in the U.S. House of Representatives. The problem lies in the tax reporting requirements and who is required to file taxes clauses of the Infrastructure Bill, it uses a clause that erroneously defines the word "broker" to include all validators, miners, and node runners on all blockchain platforms.
https://twitter.com/kylegriffin1/status/1425123126384365571It isn't possible to comply, because those entities have no control over the tx. Additionally, it's not possible for them to keep identity records to provide / file tax returns on, etc. The U.S. The Infrastructure Bill gave warnings from different segments as being detrimental to the crypto and blockchain talent and progress in the United States by forcing them to move outside the U.S. because of impractical compliance requirements if they want to continue working in the field.
https://twitter.com/CNNPolitics/status/1425180947792678921 Information about the Infrastructure BillThe Infrastructure Bill seeks to generate $28 billion in crypto-related taxes to upgrade roads, rail, grid, water, broadband, etc. There were multiple amendments to rectify the erroneous interpretation of the word "broker". However, they couldn't reach a political consensus. This is despite several Senators warning that the Infrastructure Bill stands to erode American dominance in the financial services and innovation sector.
It will hinder the creation of trillions of dollars of value and jobs in the United States. The Infrastructure Bill is likely to pass through the House of Representatives also. However, every cloud has a silver lining. The recent political drama has given rise to the massive mobilizing and highly motivated crypto community. It shows that they are a powerful political force and have come far in just over a decade-old journey.
U.S. Infrastructure Bill U.S. Senate© Cryptoticker
The post Draconian For Crypto – U.S. Infrastructure Bill Passes Senate appeared first on CryptoTicker.
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