{"id":913,"date":"2021-08-21T09:03:39","date_gmt":"2021-08-21T16:03:39","guid":{"rendered":"https:\/\/blog.bitcoin.tax\/?p=913"},"modified":"2022-11-01T07:18:58","modified_gmt":"2022-11-01T14:18:58","slug":"crypto-bill-infrastructure-taxes","status":"publish","type":"post","link":"https:\/\/bitcoin.tax\/blog\/crypto-bill-infrastructure-taxes\/","title":{"rendered":"How the Crypto Infrastructure Bill Might Affect Crypto Taxes"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The Senate finally gave bipartisan approval to the $1 trillion infrastructure bill, also known as HR 3684, last Tuesday, the 10th of August. Focused on collecting and allocating money for building bridges, roads, transportation systems, and supporting clean energy, along with other advancements, the bill plans to raise $28 billion through taxes from crypto transactions out of the total amount of $1 trillion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-size: large;\"><strong>Crypto as the Center of Attention in the New $1 Trillion Infrastructure Bill<\/strong><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s already a huge milestone for crypto, but its role in the infrastructure bill got even more significant when two opposing amendments clashed over the new crypto-tax reporting requirements. Here in this article, Bitcoin.Tax brings you everything you need to know about the situation, what the two amendments say and what it represents, who it affects, and what it means for cryptocurrency.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-really-happened\"><strong>What Really Happened?<\/strong><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/bitcoin.tax\/blog\/wp-content\/uploads\/2022\/04\/The-Problem-with-the-First-Draft-of-the-Amendment-1024x1024.png\" alt=\"\" class=\"wp-image-2395\" width=\"450\" height=\"450\" srcset=\"https:\/\/bitcoin.tax\/blog\/wp-content\/uploads\/2022\/04\/The-Problem-with-the-First-Draft-of-the-Amendment-1024x1024.png 1024w, https:\/\/bitcoin.tax\/blog\/wp-content\/uploads\/2022\/04\/The-Problem-with-the-First-Draft-of-the-Amendment-300x300.png 300w, https:\/\/bitcoin.tax\/blog\/wp-content\/uploads\/2022\/04\/The-Problem-with-the-First-Draft-of-the-Amendment-150x150.png 150w, https:\/\/bitcoin.tax\/blog\/wp-content\/uploads\/2022\/04\/The-Problem-with-the-First-Draft-of-the-Amendment-768x768.png 768w, https:\/\/bitcoin.tax\/blog\/wp-content\/uploads\/2022\/04\/The-Problem-with-the-First-Draft-of-the-Amendment.png 1080w\" sizes=\"auto, (max-width: 450px) 100vw, 450px\" \/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">The initial amendment proposed by Mark Warner (D-VA), Rob Portman (R-OH), and Kyrsten Sinema (D-AZ) requires anyone identified as a \u201cbroker\u201d to comply with the new tax reporting requirements. The problem? Well, the problem is with the term \u201cbroker,\u201d used in the bill, which defines anyone \u201cresponsible for and regularly providing any service effectuating transfers of digital assets on behalf of another person.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Going by the definition, the bill seems to identify miners, software developers, wallet developers, and other entities as brokers too, which is technically flawed and unfair. For example, miners use a \u201cproof of work\u201d system to solve algorithms that validate crypto transactions. It\u2019s a simplified explanation, but largely that\u2019s how it works. However, the problem is that the miners don\u2019t have customers, so it\u2019s technically impossible for them to comply with the provisions because they can\u2019t access the information required to fill out a 1099 tax form.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s one of those crypto bills that will play a significant role in the future of <a href=\"https:\/\/bitcoin.tax\/blog\/crypto-taxable-events\/\">crypto taxation<\/a>, and for this very reason, as expected, the Warner-Portman amendment received a lot of criticism for its ignorance from many influential figures in the industry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to the Electronic Frontier Foundation (EFF), not only is this a tax reporting issue, but it\u2019s also a privacy issue. They pointed out how mandating the collection of names, addresses, and transactions might force almost every crypto-related company or platform to keep tabs on its customers and users.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The nonprofit organization, Fight for the Future even urged people to call senators and encourage them to find better alternatives. The director of Fight for the Future, Evan Greer, believes that policies that impact people\u2019s basic rights and civil liberties should never be tacked on to legislation like an infrastructure bill.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Apart from that, the amendment received a great amount of pushback from many other groups and individuals. A group of entities and crypto stakeholders, including Square, Coinbase, and RibbitCapital, signed a joint letter addressing the flaws in the bill and encouraging better alternatives.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-ray-of-hope\"><strong>A Ray of Hope?<\/strong><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/bitcoin.tax\/blog\/wp-content\/uploads\/2022\/04\/Copy-of-The-Problem-with-the-First-Draft-of-the-Amendment-1-1024x1024.png\" alt=\"Infrastructure bill\" class=\"wp-image-2398\" width=\"450\" height=\"450\" srcset=\"https:\/\/bitcoin.tax\/blog\/wp-content\/uploads\/2022\/04\/Copy-of-The-Problem-with-the-First-Draft-of-the-Amendment-1-1024x1024.png 1024w, https:\/\/bitcoin.tax\/blog\/wp-content\/uploads\/2022\/04\/Copy-of-The-Problem-with-the-First-Draft-of-the-Amendment-1-300x300.png 300w, https:\/\/bitcoin.tax\/blog\/wp-content\/uploads\/2022\/04\/Copy-of-The-Problem-with-the-First-Draft-of-the-Amendment-1-150x150.png 150w, https:\/\/bitcoin.tax\/blog\/wp-content\/uploads\/2022\/04\/Copy-of-The-Problem-with-the-First-Draft-of-the-Amendment-1-768x768.png 768w, https:\/\/bitcoin.tax\/blog\/wp-content\/uploads\/2022\/04\/Copy-of-The-Problem-with-the-First-Draft-of-the-Amendment-1.png 1080w\" sizes=\"auto, (max-width: 450px) 100vw, 450px\" \/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">On Wednesday, 4th of August, we saw a ray of hope when Cynthia Lummis (R-WY), Ron Wyden (D-OR), and Pat Toomey (R-PA) proposed an amendment redefining the bill\u2019s tax reporting requirements in response to the criticism of the Warner-Portman amendment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This new amendment ensured protection for node validators (miners), software developers, and wallet developers by excluding them from the need to report data that\u2019s practically impossible for them to collect. Though it wasn\u2019t perfect, it was certainly better than Warner-Portman\u2019s proposed amendment and received positive feedback and support from the general public as well as prominent industry figures.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, this ray of hope didn\u2019t last long as Mark Warner (D-VA), Rob Portman (R-OH), and Kyrsten Sinema (D-AZ) proposed a newer version of their original amendment. This new version of the amendment exempts traditional crypto miners, using time-consuming \u201cproof of work\u201d (PoW) systems from the tax reporting requirements, but doesn\u2019t exclude those using the \u201cproof of stake\u201d (PoS) system.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Currently, the \u201cproof of work\u201d system is only used by Bitcoin and Etherium 1.0, while all the altcoins (cryptocurrencies other than Bitcoin) use a \u201cproof of stake\u201d system. Not only are the tax reporting requirements unfair to the altcoin users, but it also puts them at a greater disadvantage in the long run.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite another wave of widespread criticism and negative feedback, the newer version of the Warner-Portman amendment received praise and support from the White House and other administrators, as from their perspective, \u201cit strikes the right balance.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Lastly, as Senator Pat Toomey tweeted, the Warner-Portman amendment chooses winners and losers based on the type of technology employed, and that\u2019s not good for innovation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-who-it-affects\"><strong>Who it Affects<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">It mainly affects the altcoin miners and developers using the \u201cproof of stake\u201d system. But in the long run, it will affect everyone involved with cryptocurrency. As we mentioned earlier, the bill has already got bipartisan approval from the Senate, while approval from the House is still on hold. So, it will be interesting to see how everything unfolds as we move forward.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-it-means-for-cryptocurrency-and-its-future\"><strong>What it Means for Cryptocurrency and its Future<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Firstly, looking at the brighter side, this whole situation is already a massive win for cryptocurrency. Why? Considering how new the cryptocurrency technology is, a crypto-related matter being at the center of concern for the huge $1 trillion infrastructure bill represents that people are taking crypto seriously and that it plays a significant role in the system now. No crypto bill up until this point has played such a crucial role in a government decision as big as this one.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, as for the amendment and what it represents, it\u2019s definitely something to be concerned about. Note that people are not against the idea of imposing taxes on crypto, but it\u2019s the tax reporting requirements people have a problem with. As many people pointed out, this new tax reporting requirement fails to treat all technology and its users equally and fairly and further discourages innovation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Senate finally gave bipartisan approval to the $1 trillion infrastructure bill, also known as HR 3684, last Tuesday, the 10th of August. Focused on collecting and allocating money for building bridges, roads, transportation systems, and supporting clean energy, along with other advancements, the bill plans to raise $28 billion through taxes from crypto transactions [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1207,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38,12],"tags":[],"class_list":["post-913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-everything-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.12 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How the Crypto Infrastructure Bill Might Affect Crypto Taxes - BitcoinTaxes<\/title>\n<meta name=\"description\" content=\"The Senate finally gave bipartisan approval to the $1 trillion infrastructure bill. 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