TL;DR Breakdown
• The cryptocurrency market is in a tense moment after the tax proposal announcement.
• Blockchain caucus is the defense against the new measures imposed on cryptocurrencies.
A small segment of the new infrastructure bill on cryptocurrencies has generated a lot of pressure in the virtual market. This tax proposal on crypto may reflect the true position of the authorities in Washington.
Although the real people in charge of the legal project have not declared on the matter, the House of Representatives legislators may have spoken about it. This hope is due to the cryptocurrency industry’s support from citizens who have called the senators’ offices to change their way of thinking.
Tax proposal explained
People who support cryptocurrency trading think that the broker job on the tax proposal is very large and will need the help of programmers. These developers must comply with the law and report customer data for tax.
As cryptocurrencies are part of the decentralized market, these workers will be unable to access user data even if they wanted to. This implies that some companies would have to work in a neutral zone or operate outside North America.
Although the Treasury Department in the United States still has a tougher view, some companies have inherent fears about giving free will to an administration and those that replace them. Crypto trading supporters say they will support the tax proposal. However, they ask for more information on the matter.
Fight For The Future; a virtual rights organization said it had received 40,000 calls to congress long before the tax proposal. But the Blockchain Association CEO, Kristin Smith, said that although the proposal is negative, it contributes something to the cryptocurrency market.
Smith adds that it is the first time that congress has taken cryptocurrencies seriously, and it should be considered before judging them. The Fight For The Future CEO, Evan Greer, thinks it is the biggest action the Senate has ever done on cryptocurrencies.
The cryptocurrency legal project approval
In the Senate, the Blockchain Caucus bipartisan leaders have endeavored to analyze the plans for continuity, as the House attempts to pass the tax proposal.
Florida Democrat Darren Soto, the Blockchain Caucus co-chair, said he would show two legal plans that address the Senate’s issue on crypto. Soto thinks these legal plans will be approved in the reconciliation process. Nancy Pelosi, Speaker of the House of Representatives, has announced that the vote on the crypto plan will be on the 27th of September.
The cryptocurrency bill and tax plans could make way for their free use in the United States. The virtual Chamber of Commerce president, Perianne Boring, thinks people should adapt to the new financial market. Everything points to the cryptocurrencies in the USA gaining participation before the end of the year with a tax regulation that might or might not affect their trade.
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