The Bipartisan infrastructure deal in the United States Senate saw lawmakers propose expanded crypto taxes to raise an additional $28 Billion revenue.
According to a Bloomberg report today, policymakers are looking to raise an additional $28 billion through these taxes. The proposal will impose more rules on crypto brokers to report transaction details to the Internal Revenue Service (IRS). It would also require businesses to report crypto transactions of more than US$10,000. These funds would make up a portion of the $550 billion investment into the country’s transportation and electricity infrastructure.
Senator Rob Portman noted that Congress has expressed concerns regarding crypto reporting and taxation requirements for some time: “Everybody’s been talking about the appropriate way to provide more reporting in particular and that leads to better compliance.”
Cryptocurrency measures were a last-minute addition to deal on Wednesday, following weeks of back and forth between Republicans and Democrats. In May, the treasury demanded the reporting of cryptocurrency transactions above $10k to the IRS.
The digital asset industry is already pushing back against the proposal, with Blockchain Association executive director Kristin Smith. Arguing many of the firms that would be subjected to new rules lack the capacity to collect the required information.
“We’re pushing every lever right now to change it,” she said, describing the proposed measure as “hugely problematic”. The proposal comes as crypto assets are coming under increasing regulatory scrutiny in the United States.