After Joe Biden signed the Infrastructure Funding Act, digital asset organizations must notify the IRS of transactions worth more than $ 10,000.
US President Joe Biden signed into law about $ 1.2 trillion in infrastructure financing. The document also introduces rules for cryptocurrency brokers and operators to report any transactions in digital assets worth more than $ 10 thousand to the tax office.
After the signing of the law by the President of the United States, the price of bitcoin fell by $ 6 thousand, to a ten-day low of $ 60.2 thousand. Over the past 24 hours, the first cryptocurrency lost 7.6% in price. The asset’s market capitalization shrank to $ 1.15 trillion with daily trading volumes of $ 39.7 billion, according to CoinGecko.
Earlier, the bill met with criticism from many senators. For example, Senator Pat Toomey called the law “too expensive and too dangerous for an innovative cryptocurrency economy.”
According to Toomey, the requirement to notify the tax office of cryptocurrency transactions in excess of $ 10,000 is not feasible.
The infrastructure package we voted on today is too expensive, too expansive, and too unpaid for. I could not support it. My full statement: pic.twitter.com/IQPguSdkry
— Senator Pat Toomey (@SenToomey) August 10, 2021
Senators Ron Wyden and Cynthia Lummis introduced a bill on November 15 that would amend the infrastructure law, according to Bloomberg . The document exempts developers of blockchain technologies and cryptocurrency wallets from tax reporting.
