US Bill will tax cryptocurrencies and may equate miners with stockbrokers
The infrastructure project that will inject $1.2 trillion in the United States was approved on Friday night (6) in the United States Congress.
For the crypto universe, a small part of the project has caused great controversy. In the section where it justifies how will the government pay for the investments, the bill predicts a return of $28 billion coming from taxing digital assets – in this case, much of this is understood as originating from crypto-assets.
But more than the tax itself, what raises the greatest concern are the definitions the law makes about “digital assets” and “brokers”.
The very broad definitions of the two terms have made the community fear that miners, developers and validators of cryptocurrency transactions will be classified as traditional brokers.
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Under the law, digital assets are “except as defined by the Secretary, the term digital asset means any digital representation of value that is recorded in encrypted form in a ledger or similar technology specified by the Secretary”.
According to a report made by Forbes, experts think that this definition can include loyalty cards, mileage and even money transacted in banks.
Under the law, a broker it is “any person who is responsible for regularly providing any service that transacts digital assets on behalf of another person”.
The industry’s fear is that this will end up embracing developers, miners and others.