Tightening of the Cryptocurrency Taxation: The US Senate Set the Voting Date

The US Senate left unchanged the bill for the cryptocurrency clauses of the White House infrastructure plan, which tightened the reporting and taxation rules for developers and validators, which was opposed by the crypto community. Preliminarily, the voting for the project will take place on Tuesday, August 10.

On August 9, Compound Finance’s general counsel, Jake Chervinsky, tweeted that the Senate voted in favour of the draft amendments. 68 senators voted to end the debate on the provisions of the draft, against 29.

He noted that the Senate can still pass the amendment to the bill unanimously before the final vote.

The crypto community supports the amendment proposed by Senators Pat Toomey, Rob Wyden, and Cynthia Lummis, and also opposed the rival amendment of Senators Rob Portman, Mark Warner, and Kirsten Cinema.

The amendment, being vehemently supported by the lawmakers, was also opposed by billionaire Elon Musk. He stated that the US Congress demonstrates a poor understanding of blockchain technology, which creates problems for the development of the industry.

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