Cryptocurrency markets

Speculators bet on positive outcome of U.S. Senate vote on cryptocurrencies

Speculators bet on positive outcome of U.S. Senate vote on cryptocurrencies
The U.S. Senate continues to debate a bill that would allow the White House to get $1.5 trillion to build and rebuild infrastructure. Some of these funds will come from new taxes, particularly the cryptocurrency market should bring in $28 billion in additional fees.
The U.S. Treasury Department has proposed taxing all transactions, from brokers to PoW/PoS miners, wallet operators and even manufacturers of software that allows crypto-transfers.

They would all be required to submit reports to the IRS that require verification of the Sender and Recipient, which is physically impossible to do because of the privacy of wallet numbers.
Speculators bet on positive outcome of U.S. Senate vote on cryptocurrencies

Speculators bet on positive outcome of U.S. Senate vote on cryptocurrencies

On Monday, senators were expected to pass amendments that would leave only brokers under the tax burden. They are in a position to require the personal information required by the IRS from clients. The rest of the crypto industry would have received exemptions that would have exempted them from reporting.
The amendments could only have passed unanimously, but Senator Richard Shelby issued a formal objection because of an offense for rejecting his proposals in a defense spending bill. Now lawmakers will meet today to vote again on the bill.
There are two possible outcomes for today's U.S. Senate session. If Shelby stays with his opinion, the bill will go to the House of Representatives without the amendments the crypto industry needs. Insiders say the senator from Alabama will be told to vote "FOR" to avoid a legal mishap.
Attempting to require PoW miners to report is easily challenged in court and the law will not work in this form. If the amendments are not passed by the Senate, they will resurface in the House of Representatives, who don't need the legal challenges.

Today's positive vote on the amendments will take Bitcoin to new market highs. A negative result could lead to a market correction in the evening session.

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