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US Senators To Amend Bitcoin Reporting Changes In Infrastructure Bill

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  • A bipartisan team of U.S. senators is introducing a bill to restrict tax reporting rules present in the infrastructure bill, which is set to become law today.
  • The infrastructure bill’s text extends cash-focused section 6050I to contemplate cryptocurrency transactions.
  • “The new bill includes a provision that would make it retroactive to the infrastructure bill’s signing,” Bloomberg reported.

U.S. senators Ron Wyden, chairman of the Senate Finance Committee, and Cynthia Lummis are introducing a bill to amend tax reporting requirements in the infrastructure legislation set to become law on November 15, Bloomberg reported.

“The new bill, the text of which was obtained by Bloomberg News, seeks to override a provision in the infrastructure legislation that cryptocurrency investors say is overly broad and would stifle growth of digital currencies,” per the report.

In September, a tax change introduced in the infrastructure bill would require U.S. persons receiving over $10,000 in bitcoin and cryptocurrency to report the sender’s personal information to the Internal Revenue Service (IRS), extending the provisions of section 6050I that currently only apply to cash transactions.



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