American lawmakers want to find funds to finance infrastructure worth $ 28 billion by increasing taxation of transactions with cryptocurrencies.
The proceeds from the new taxes on cryptocurrencies will be used to partially finance investments in transport and electricity infrastructure.
There are plans to introduce stricter rules for businesses dealing with cryptocurrency and expand reporting requirements for brokers. Require cryptocurrency market participants to report to the IRS about digital asset transactions in excess of $ 10,000.
The digital asset industry is already opposed to this proposal. Blockchain Association executive director Kristin Smith argues that many firms that will be subject to the new rules are unable to collect the information they need.
“We are now pushing all the levers to change this,” she said, describing the proposed measures as “extremely problematic.”
The proposal to tighten taxation of cryptocurrency transactions is a natural stage in the development of the fiscal policy of the US regulators regarding cryptoassets, their accompanying financial transactions and control procedures.
On July 19, US Treasury Secretary Janet Yellen, at a meeting of the presidential working group on financial markets, insisted on strengthening government regulation of stablecoins and their issuers. The working group plans to release draft rules for stablecoins in the coming months.
On July 27, OCC chief executive Michael Hsu announced that regulators are looking into the commercial paper holdings backing the leading stablecoin Tether (USDT).
Tether has been criticized in the past for its opaque reserves and inability to carry out promised audits. In May, the company disclosed its reserves allocation, according to which USDT is 49.6% backed by “commercial bonds”.
Recently, US Federal Reserve (FRS) Chairman Jerome Powell said stablecoins should be regulated like bank deposits and mutual funds.
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