In the US, debate continues over an “infrastructure bill” that equates cryptocurrency exchanges with brokers and imposes taxation on such companies.
Jack Dorsey, the founder of Twitter, joined the discussion. He offered “Working simplification” concerning the taxation of cryptocurrency exchanges and companies. According to Dorsey, only those sites that work with fiat currencies should be called “brokers”. That is, decentralized exchanges and platforms that work exclusively with cryptocurrencies should not fall under the definition of a broker.
“If we cannot completely abandon this idea and have a proper discussion, then let’s just simplify the definition of a broker to the main thing: a broker is a platform that exchanges digital assets for fiat currency. This will allow 90% to close the goals of the US government on taxation of cryptocurrency exchanges. And for 10% of the remaining cases, it is necessary to work out a new law with a high quality “, – writes Dorsey.
Twitter CEO criticized the current draft of the bill. According to him, “To impose taxation on Americans who develop software and hardware, those who mine and maintain network security is an impossible task. It will simply push the development and exploitation of this critical technology outside of the United States. ”
Recall that the bill was introduced to the US Senate at the end of last month. By taxing cryptocurrency transactions, politicians hope to raise $ 28 billion to fund infrastructure in the country.
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