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US $1 Trillion Infrastructure Bill which was signed into law by President Joe Biden last week. There is a provision to collect taxes on cryptocurrency trading. and yields approximately $2.8 billion per year to the US government.
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That is, frankly, not much money.
The problem is that the crypto tax component of the law is not clearly written. And the government risks destroying parts of the expanding economy.The Infrastructure Bill states that “brokers”
must monitor these things. But you can enter smart contracts without a broker. So who is responsible for reporting in that case? Are miners considered brokers?There is no doubt that at some level
Governments will have to pay taxes on cryptocurrency purchases. Like other investment gains, typically at the time of liquidation or transfer of assets. But the ambiguity of the law risks trading platforms that impede access to US citizens.
