December 6, 2023

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US $ 1.2 trillion projects affect crypto transactions

US $ 1.2 trillion projects affect crypto transactions

The US Congress has approved a new $ 1.2 trillion plan. It has implications for the crypto industry in the country.

In the United States it is customary to receive the bulk through the political process with simultaneous bills. There will be a proposal ‘Infrastructure Bill’ Mentioned, but it includes more.

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The bill contains several new guidelines and investments. Therefore, the project is worth $ 1.2 trillion. These new plans include new taxes. Transactions and brokers selling Bitcoin, for example, must notify the tax authorities.

President Joe Biden has not yet signed the plans.

Bitcoin in the United States

In addition to plans to improve infrastructure in the United States, there are repercussions for some industries in the country. In practice, after the signing of Python, companies such as Coinbase and Kraken are required to share their data with US tax authorities.

They come under the heading “Broker” and all companies in this category are required to share data with the Internal Revenue Service (IRS). This applies to all companies that facilitate trading in Bitcoin and other ‘crypto assets’.

This may seem logical, but it is a huge expense in terms of privacy for customers and employees for companies. For example, they must provide brokers in the United States with the addresses and names of their customers. Policymakers in the United States hope to pay about $ 28 billion (!) In additional taxes here.

So the plans are not yet official, but it seems to be a matter of time. There are still a few years to streamline everything industrial in the United States, and the rules will not be final until a later date.

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