U.S. Unveils Plans to Raise $28B Through Crypto Taxes
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U.S. Unveils Plans to Raise $28B Through Crypto Taxes

1 year ago

The plans come as the U.S. attempts to fund a huge $550 billion investment in infrastructure.

U.S. Unveils Plans to Raise $28B Through Crypto Taxes

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Crypto taxes in the U.S. may be about to increase.

A bipartisan infrastructure bill in Congress is proposing to raise $28 billion from those who invest in digital assets.

Under the proposed measures, businesses would have to report all transfers of digital assets that are worth more than $10,000 to the Internal Revenue Service.

However, there are concerns that some of the companies subject to these new rules won’t have the ability to collect the information required.

The plans come as the U.S. attempts to fund a huge $550 billion investment to enhance the country’s transport networks and power systems.

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Debate on Crypto Heats Up 

Earlier this week, a Senate committee debated the merits of digital assets in a hearing entitled: “Cryptocurrencies — What are they good for?”

During the hearing, Senator Elizabeth Warren said that she struggles to believe that crypto can solve the problems that have been created by huge banks — and warned they could prove even more damaging for consumers and the environment.

Warren also confirmed that she has written to Treasury Secretary Janet Yellen — urging her to lead a “comprehensive and coordinated approach to regulating cryptocurrencies.”

The politician added:

“All the warning signs are flashing — the hype, the volatility, the wild claims that turn out to be false. As the crypto market grows, so too the risks to our financial stability and our economy. Regulators need to do their job and step in before it is too late.”
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