In the USA, miners and software developers will be exempt from reporting to the IRS
The infrastructure plan signed by Joe Biden requires this
14.02.2022 - 12:15
518
2 min
0
.
What’s new? The US Department of Treasury has announced plans to exempt miners, software developers, and staking pools from reporting to the Internal Revenue Service (IRS). The agency stated this in a letter of response to the senators’ appeal who criticized the infrastructure plan adopted by President Joe Biden. Among other things, it implies that crypto brokers have to report to the IRS on transactions, Bloomberg reports.
Material on the Bloomberg website
What does the letter say? The Treasury Department notes that, firstly, the agency will form guidelines that will disclose a definition of “broker.” Secondly, according to the decision of the Department of Treasury, ancillary parties that cannot access information useful to the IRS should not be subject to the reporting requirements for brokers.
What is known about the law signed by Biden? In November 2021, the US president approved a $1,2 trillion law on financing infrastructure projects. The plan includes the allocation of $621 billion for transportation infrastructure upgrades, $400 billion to support the elderly and disabled, $300 billion to support the industrial sector, $213 billion to repair and build affordable housing, and $100 billion to develop the broadband’s networks.
The law also implies that the cryptocurrency brokers and operators have to report transactions of more than $10 000 in digital assets to the IRS. The document has been criticized by a number of senators. Senator Pat Toomey, for example, called it “too expensive and too dangerous for the innovative cryptocurrency economy.”
Useful material?
Telegram 
Twitter Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Technologies
The company also unveiled its own blockchain adoption index
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$87 877
BTC
-2.08%
-
Ethereum
$3 109.76
ETH
-2.37%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Dogecoin
$0.382788
DOGE
-2.18%
-
Ripple
$0.838633
XRP
+21.64%
-
Cardano
$0.593201
ADA
+2.57%
-
Bitcoin Cash
$423.99
BCH
-3.12%
-
Polkadot
$4.92
DOT
-2.88%
-
Litecoin
$83.42
LTC
+10.64%
-
Stellar XLM
$0.139339
XLM
+12.46%