Senate passes trillion-dollar infrastructure bill with unamended crypto tax language
August 10, 2021, 12:22PM EDT
1 min read
On August 10, the Senate passed H.R. 3684, a landmark infrastructure package months in the making that in its final steps became a flashpoint over cryptocurrency regulation in the United States.
The final vote tally was 69-30, with one abstention from Senator Mike Rounds. The bill has been a priority for the Biden administration and saw broad bipartisan support, despite Democrats asking for more and Republicans asking for less spending.
The bill's process, with the Senate version incubating behind closed doors with a bipartisan group, has proved controversial, especially for the crypto community.
The language that now passed would identify anyone who provides "any service effectuating transfers of digital assets on behalf of another person" as a broker for the purposes of IRS reporting. The crypto industry immediately voiced concerns that beyond the target cryptocurrency exchanges, that language would potentially render such parties as miners, stakers, node operators and software developers responsible for reporting tax information of crypto users. That is not technologically feasible.
The Block Research was commissioned by Forte to create “Blockchain-Based Gaming: A Primer” which provides a comprehensive introduction to how blockchain technology is being employed in video gaming experiences.