US Legislators Introduce Important New Crypto Amendment In Bipartisan Bill
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 market are taking another day to stabilizes today as the king crypto asset struggles to find stability around $60,000 USD. Despite the prices being down, however, US legislators are introducing an official bipartisan bill with an amendment to the original crypto tax reporting requirements.
Bitcoin Price Update
Bitcoin (BTC) has had a rocky past two weeks of price swings. After breaking previous all-time highs from April and subsequently crashing back down to $58,000 USD, Bitcoin ran up to a new all-time high of $69,000 USD, but has since taken us right back down.
At the time of writing, Bitcoin is trading at $58,500 USD.
According to the widely followed crypto data analyst TechDev, Bitcoin’s current dip is suspiciously reminiscent of the major pull-backs from BTC’s 2017 bull run, indicating that the current drawdown could be the last slingshot needed to shoot the crypto markets towards a market cycle peak.
#Bitcoin continues to follow a flattened 2017 path since June.
Now anchored at 5 points, if indeed the low is in.
While it's been 160 days, I would be surprised if this continued all the way to the top.
Will track until it breaks. pic.twitter.com/GffqM3Kbnh
— TechDev (@TechDev_52) November 17, 2021
The Latest Crypto Amendment Development
As the BTC price finds a new low, a bipartisan group of House representatives has stepped up to support revisions to the original crypto tax reporting requirements that were approved by President Joe Biden this week.
The bipartisan bill, dubbed “The Keep Innovation in America Act” would define brokers, newly bound to the tax reporting rules, so that software developers without the necessary customer information to report are not tied up in the new provision.
This would let a large portion of the crypto industry off the hook, as most of the decentralized financial (DeFi) product service providers targeted in the original bill would not be able to hand over some of the required information from transactions, such as social security numbers and other personal identification.
Here’s a screenshot of all ten representatives in support of the crypto amendment.
Perianne Boring, founder and CEO of the Chamber of Digital Commerce thinks the amendments proposed will protect blockchain innovation in the US.
“This legislation will protect innovation in the United States and strengthen our status as a leader in blockchain technology.”
She adds that the bill takes a necessary step “to protect consumer privacy by undoing a potentially intrusive part of the infrastructure bill that threatens treat crypto users like criminals and force crypto to share private information to engage in routine transactions.”
RECOMMENDED: SENATORS FIGHT TO INCLUDE LAST-MINUTE CRYPTO AMENDMENT TO US INFRASTRUCTURE BILL
The Orignal Infrastructure Bill
If you aren’t familiar with the crypto legislation from the initial infrastructure bill that was just passed, the big issue that crypto proponents are in contention with circles around Congress’ unclear definition of the term “broker” as it relates to participants in cryptocurrency.
Before initially attempting to pass an infrastructure bill designed to bring in revenue to help offset the economic impacts of the pandemic, lawmakers included a last-minute provision that included a “large-scale increase in the requirements for crypto brokers and investors to report their transactions to the Internal Revenue Service.” These ideas were floated by Steve Mnuchin, Trump’s former Secretary of the Treasury, shortly before he left office in 2020.
The bill would expand the Tax Code’s definition of “broker” to capture “nearly everyone in crypto, including non-custodial actors like miners, forcing them all to KYC (know-your-customer) users.” It expands the definition of “broker” to include “any person who (for consideration) is responsible for and regularly provides any service effectuating transfers of digital assets.”
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Text source: CryptosRus
