The U.S. Senate did not vote for a cryptocurrency-friendly amendment

A compromise amendment to a tax reporting bill for cryptocurrency transaction income was rejected by the U.S. Senate.
The compromise amendment would have provided a clearer definition of "broker," which would have been required to report cryptocurrency profits to tax authorities under the current text of the document.

The U.S. Senate did not vote for a cryptocurrency-friendly amendment

Currently, the definition of "broker" includes miners, developers, stackers, etc. A compromise amendment would have excluded validators, miners and stackers from that list. The Senate rejected the proposal.
Crypto industry representatives are concerned that without an adjustment, the new law would stifle development in the U.S. and push businesses to migrate overseas.
FX24

Author’s Posts