Cryptocurrency markets

US Treasury lobbies for the norms of the bill unfavorable for the cryptoindustry

US Treasury lobbies for the norms of the bill unfavorable for the cryptoindustry
The administration of US President Joe Biden is opposed to proposals to exclude certain types of cryptocurrency businesses from a bipartisan plan to finance infrastructure spending. This is reported by The Washington Post, citing its own sources.
Treasury Secretary Janet Yellen met with lawmakers to prevent a weakening of industry norms, according to the publication.
US Treasury lobbies for the norms of the bill unfavorable for the cryptoindustry

US Treasury lobbies for the norms of the bill unfavorable for the cryptoindustry

The bill implies additional funding in the form of taxes from operations with cryptocurrencies in the amount of $ 28 billion.

The greatest criticism and concern in the community was caused by the fact that in terms of all participants in cryptocurrency transfers were attributed to the category of "dealers". This includes obtaining licenses, maintaining established reporting and a number of regulatory requirements for customer relations.
Senate Finance Committee Chairman Ron Wyden, Senators Cynthia Lummis and Pat Toomey have proposed excluding miners, node operators, software developers and other non-custodial industry participants from the plan. In meeting with lawmakers, Yellen pushed for the amendment to be abandoned, according to The Washington Post.

Against the background of the deadlock in the discussion of the bill, Senators Rob Portman, Mark Warner and Kirsten Cinema proposed their own version of changes to the bill, but with fewer excluded categories of participants in the cryptocurrency market.
The White House has declared support for this amendment.

“We are grateful to Chairman Wyden for his leadership in moving the Senate on this issue. However, we believe that the alternative amendment proposed by Senators Warner, Portman and Cinema strikes the right balance and takes an important step forward in promoting tax compliance, ”the newspaper quoted White House spokesman Andrew Bates as saying.
We will remind, the former chairman of the Fed and the famous bitcoin skeptic Yellen headed the Ministry of Finance in January 2021. Already in a new status in February, she again criticized digital gold, calling it a speculative asset.

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