Crypto Industry Balks At Infrastructure Deal's Tax Measures

By Elise Hansen (July 29, 2021, 8:31 PM EDT) -- Industry groups are pushing back against proposals to ramp up cryptocurrency reporting and tax enforcement measures to help pay for the White House's $1.2 trillion infrastructure deal, arguing that the measures will have unintended consequences across the digital asset ecosystem.

The current proposals would impose unfair reporting requirements and would ultimately fail to raise the $28 billion that Congress and the White House have hoped, groups such as the Blockchain Association and Coin Center said Thursday.

The Biden administration has pointed to enhanced tax enforcement in the cryptocurrency space as one means of paying for the bipartisan infrastructure deal. The plan,...

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