US Congress plans to receive $28 billion from expanded cryptocurrency taxation - Bits Media

US lawmakers want to find funds to finance infrastructure for $28 billion due to increased taxation of transactions with cryptocurrencies.

Revenues from new cryptocurrency taxes will be used to partial financing of investments in Transport and electricity infrastructure.

It is planned to introduce more stringent rules for enterprises, working with cryptocurrency and expand the requirements for brokers. To oblige participants in the cryptocurrency market to inform the US Tax Service about transactions with digital assets worth more than $ 10,000.

The digital asset industry is already opposed to this proposal. Executive Director of BlockChain Association Christine Smith (Kristin Smith) claims, that many firms, to which new rules will apply, do not have the opportunity to collect the necessary information.

“We are now clicking on all levers, To change this ", – She said, Having described the proposed measures as "extremely problematic".

Proposal, Tighten taxation of cryptocurrency operations is a logical stage in the development of the fiscal policy of the regulatory authorities of the United States regarding crypto assets, concomitant financial transactions and control procedures.

19 July Minister of Finance of the United States, Janet Yellen, at a meeting of the Presidential Working Group in Financial Markets, insisted on strengthening the state regulation of stablecoins and their issuers. In the coming months, the working group plans to release the draft rules for stablecoins.

27 July Executive Director of the Monetary Office (OCC) Michael Seuy (Michael Hsu) reported, that regulatory authorities study reserves of commercial papers, supporting the leading stablecoin Tether (USDT).

Tether was previously criticized for its opaque reserves and the inability to conduct the promised audit checks. In May, the company revealed the distribution of its reserves, according to which USDT on 49.6% ensured by "commercial bonds".

Recently chairman of the federal reserve (FRS) USA Jerome Powell (Jerome Powell) stated, that stablecoins should be regulated as bank deposits and mutual funds.