$1.2 trillion two-party infrastructure bill, which if signed into law by President Joe Biden, would enforce new provisions in relation to crypto-tax reporting for all citizens.
The infrastructure bill was first proposed by the Biden administration focused on improving the national transport network and internet coverage. The bill was initially approved by the Senate on Aug. 10 with a 69-30 vote, which was met with a proposal to compromise amendment by a group of six senators.
Despite the lack of clarity on the bill, it aims to treat the crypto community’s software developers, transaction validators and node operators similar to the brokers of the traditional institutions.
The crypto community showed concerns over the vague description of the word ‘broker’ that may accordingly impose unrealistic tax reporting requirements for sub-communities such as the miners.
As a consequence, the incapability to disclose crypto-related earnings will be treated as a tax violation and felony.
