U.S. lawmakers called for careful implementation of the proposed tax policy that may have a significant impact on the U.S. encryption sector.
As Cointelegraph previously reported, The expanded crypto taxation system is a last-minute addition to the $1 trillion infrastructure transaction currently being debated in Congress. According to the proposed amendment, stricter encryption reporting requirements can provide the government with additional funding of 28 billion U.S. dollars.
However, Senator Patrick Toomey was one of a group of senators who warned about the widespread language used in the expanded crypto tax policy.According to an article in the Washington Post, Tumi debate The wording of the bill can provide legislative support for a broader attack on the U.S. crypto sector beyond exchanges and other companies, as well as targeted entities such as Bitcoin (Bitcoin) Miners and software developers.
Senator Toomey is not alone, because the overwhelming response of industry commentators is that the ambiguity of the bill’s wording provides ample opportunities for punitive regulatory policies that may be detrimental to the country’s digital innovation.
However, Senator and drafter of crypto tax policy Rob Portman downplayed concerns that the new rules will affect miners and software developers.
The Washington Post quoted Senator Portman’s spokesperson as saying: “This legislative language is not […] Forcing non-brokers such as software developers and crypto miners to comply with IRS reporting obligations. “
Efforts to protect miners from onerous tax reporting requirements U.S. miners continue to expand production capacity After Hashrate left China.According to reports, marathon numbers hope to come true 13.3 exahashes of hashing capacity per second Before the end of the second quarter of 2022-this number is approximately 12% of the current total hash rate of the Bitcoin network.