Tax implications of US bill under scrutiny

As is often the case with major US legislation, a tacked-on measure has garnered much attention, despite being unrelated to the central focus of the bill.

The recent $1 trillion (€846 billion) infrastructure bill passed by the US legislature contained a small section that dealt with the definition of a cryptocurrency broker, in the Senate version of the bill, which many in the industry say is too broad and would require software developers to report data for tax purposes that they may not possess, placing them in an awkward position.

According to a report from CNBC, the wording has prompted a flurry of lobbying to stop the measure being enacted as it currently stands, with experts arguing that the decentralised nature of cryptocurrency would mean that developers could not access the type of information referred to, mainly customer data, even if they wanted to.

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