On August 10, the United States Senate voted to pass a $1 trillion bill to revitalize America’s infrastructure. From the standpoint of the crypto community, miners in particular, the Senate’s foray into crypto legislation has been a disaster. Unless the language defining brokers in the bill is clarified, it will singlehandedly thwart the growth of a domestic industry just as it is taking off. As written, the bill allows for multiple interpretations of the term “broker.” In the English language, there is no real controversy — or ambiguity — about what a broker does. According to Merriam-Webster’s online dictionary, a …

The entire cryptocurrency industry is waking up to a new reality. Politicians and regulators have decided to wade into the space, which had flown mainly under their radar until now. A House committee chair is launching a working group; the Securities and Exchange Commission is seeking new authorities to regulate digital assets as securities; and the Senate-passed infrastructure bill includes $28 billion in tax revenues from crypto transactions. This last handful of weeks has arguably seen more regulatory activity around digital currencies since the name Satoshi Nakamoto first entered the popular lexicon. Anyone whose business deals in this asset class …

The United States Treasury Department is reportedly seeking to clarify the definition of brokers in the bipartisan infrastructure bill passed by the Senate last week, offering cautious reassurance that the new legislation won’t impact innovation and growth in the blockchain industry. As reported by Bloomberg, the Treasury Department is preparing guidance on what types of crypto companies will be required to comply with new Internal Revenue Service reporting requirements. The report indicated that the definition of “broker” could be narrowed from what many fear would include protocol developers and wallet providers that currently operate in the cryptocurrency industry. A Treasury …

United States Senators have cast their votes, and the contentious HR 3684 infrastructure bill cleared in the upper Congress chamber. Now, the gigantic document of over 2,700 pages and amounting to almost $1 trillion is heading to the House of Representatives, including the provisions expanding the definition of a cryptocurrency broker, designed to beef up crypto and decentralized finance (DeFi) tax compliance. The $1 trillion can’t come out of thin air, right? While the bill in effect simply follows Financial Action Task Force (FATF) guidelines, doomsayers are already declaring the end is nigh, haunted by visions of the dreaded Internal …

As the United States continues to weigh out the best ways to include crypto businesses through an infrastructure bill, the state of Wyoming has taken proactive measures to attract Bitcoin (BTC) miners and other crypto businesses to its local jurisdiction. Wyoming’s crypto-friendly notion comes into light as the state has passed more than 24 bills related to blockchain technology. A recent CNBC report shows that the state has now approved a bill that will allow for “quick approval for new crypto banks.” Wall Street veteran Caitlin Long, CEO of digital asset bank Avanti, stated that Wyoming’s latest bill creates a …

Representative Anna Eshoo has written to Speaker of the United States House of Representatives Nancy Pelosi on Thursday, expressing concerns about the controversial new mandate for crypto tax reporting. In it, she urged Pelosi to amend the cryptocurrency broker definition in the Senate’s controversial infrastructure bill. Eshoo claimed that miners, validators and developers of wallets would be unable to comply with the crypto tax reporting requirements. Today I urged Speaker Pelosi to amend the cryptocurrency broker language in the Senate’s infrastructure bill. The legislation imposes new reporting requirements on miners, validators & developers of wallets who would be unable to …

On Friday, Aug. 13, a total of $675 million worth of Bitcoin (BTC) options are set to expire, and currently the bulls enjoy a significant advantage after a 20% weekly rally to $46,743. As Cointelegraph previously reported, two things that marked the positive shift seen from institutional investors were that deposits to derivatives exchanges reached their lowest levels since May 11 and that entities with 10,000 to 100,000 BTC added over $12 billion additional Bitcoin to their holdings. Meanwhile, cryptocurrency adoption continues to rise as the Paypal-owned payments firm Venmo has expanded its support by allowing credit card holders to …

United States lawmakers will soon destroy a massive opportunity for job creation and a diverse workforce in blockchain technology if they do not amend infrastructure bill HR 3684, which would require blockchain developers to attain broker status on U.S. soil. HR 3684 does not recognize the taxonomy of the asset class. Not every crypto asset falls under the definition of security — many are transactional tokens and used as consensus mechanisms essential to distributed ledger technology. Requiring broker status for every blockchain developer indicates that U.S. lawmakers have yet to understand blockchain technology or cryptocurrency’s complex and diverse set of …

Leaders in the crypto industry continue to speak up as the bipartisan $1-trillion infrastructure bill, known for implementing tighter rules on crypto businesses and expanding reporting requirements for brokers, passed the United States Senate. Billionaire investor and Bitcoin (BTC) proponent Mark Cuban is one of them. Speaking to The Washington Post over the weekend, before the bill officially passed the Senate, Cuban drew a parallel between the growth of crypto to the rise of e-commerce and the internet in general: “Shutting off this growth engine would be the equivalent of stopping e-commerce in 1995 because people were afraid of credit …

United States senators Mark Warner and Kyrsten Sinema, both Democrats from Virginia and Arizona, respectively, have introduced a new amendment to the infrastructure bill that would lessen the burden on cryptocurrency tax reporting for miners and wallet providers. As Perianne Boring reported Saturday afternoon, the senators are endorsing an amendment that would exclude cryptocurrency miners and hardware and software wallet providers from being subject to new tax reporting provisions. The amendment would broaden an earlier update proposed by the same lawmakers, along with Ohio Republican Rob Portman. Senator @MarkWarner and @SenatorSinema have offered a new amendment with tech neutral language. …

Coinbase CEO Brian Armstrong is the latest crypto figure to come out against the wording of the proposed changes to cryptocurrency taxation in the United States. Tweeting on Wednesday, Armstrong stated that the provisions included in the crypto taxation proposal could have a “profound negative impact” on the U.S. crypto space and could force digital innovation to move overseas. As previously reported by Cointelegraph, amendments to crypto taxation rules were a last-minute addition to the $1-trillion infrastructure deal currently before the United States Senate. The Coinbase CEO, like many other opponents of the proposal, faulted the broad language of the …

Lawmakers in the United States have called for caution regarding implementing a proposed tax policy that could have significant implications for America’s crypto space. As previously reported by Cointelegraph, an expanded crypto taxation regime was a last-minute addition to the $1-trillion infrastructure deal currently being debated in Congress. According to the proposed amendments, tighter rules on crypto reporting requirements could provide $28 billion in additional funding for the government. However, Senator Patrick Toomey is among a group of senators who have warned of the broad language used in the expanded crypto tax policy. According to a Washington Post article, Toomey …