US Senators Introduce New Law Regulating Cryptocurrencies

A bipartisan group of US. Senators has proposed changes to the crypto-related requirements contained in the $ 1.2 trillion infrastructure bill signed by President Biden this morning. The changes relax some aspects of the previous requirement.

After Biden signed the bill, many crypto investors voiced concerns that the infrastructure bill’s crypto tax regime was too broad. This can pose particular problems for DeFi as well as miners and software developers.

Senator Cynthia Lummis, R-Wyoming, the owner of BTC, and Senator Ron Wyden, D-Oregon, chairman of the Senate Finance Committee US, co-wrote the new bill retrospectively to the Infrastructure Bill passed today.

“Digital assets are in our financial system and the decisions we make now will have a huge impact on the future. We need to encourage innovation, not stifle, ”warned Senator Lummis.

One of the details of the law is clarifying the tax reporting requirements that were included in the original bill to fund the costs. After the change, these requirements will no longer apply to individuals developing blockchain technology and wallets, according to Senator Wyden. He emphasized how important it is to protect innovations, but also to enforce tax collection.

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