Biden Signed the Bill on Extended Crypto Taxation in the USA
On November 15, president Joe Biden signed the controversial US Infrastructure Bill, which imposes extended taxation on the cryptocurrency industry in the country, especially on crypto network validators and software developers.
However, Matt West, a DeFi developer and Democratic nominee, believes there is still time to fix some provisions as the law has yet to go into effect.
Speaking to Cointelegraph, West said the crypto community has highlighted Section 6050II of bipartisan legislation, which makes it a criminal offence to refuse to report digital asset transactions.
Section 6050II doesn’t make much sense because the new rules require NFT sellers to know the tax ID and social security number of potential buyers, West said.
He added that people in Congress are passing laws on issues they don’t fully understand. West also urged his fellow Congressmen to study the nuances and carefully consider the issue of regulation.
The Infrastructure Law, which imposes additional taxation on representatives of the cryptocurrency sphere, was passed by the US House of Representatives on September 30, despite the opposition of the crypto community and many politicians who feared that the new law would force the representatives of this sphere to look for more friendly countries to work.