$28 billion of tax will be collected from cryptocurrency investors if new rules are applied to reporting for brokers and exchanges, according to an infrastructure bill supported by both parties of the US Congress, excerpts from which are cited by CoinDesk.
According to the document, any broker carrying out operations with digital assets will have to declare them in accordance with the changed information transfer mode. The draft law defines digital assets as "any digital representation of value recorded in a cryptographically secure register" or using related technologies, and brokers, among others, mean decentralized exchanges and peer-to-peer markets.
"It is proposed to update the definition of a broker to reflect the realities of the acquisition and exchange of digital assets," the document says. – It is also clarified that the reporting requirements for interbroker operations apply to all transactions with regulated securities, including digital assets."
Kristin Smith, executive director of the Blockchain Association, believes that the proposed changes will require a number of persons interacting with cryptocurrencies to start reporting for transactions. This category includes software wallet developers, hardware wallet manufacturers, multi-signature service providers, liquidity providers, token holders of decentralized organizations (DAOs), and potentially even miners.
In general, the bill covers many infrastructure issues that are not related to cryptocurrencies, for example, financing public transport, as well as providing Americans with access to drinking water and high-speed Internet. US President Joe Biden noted that his approval will increase the number of jobs and productivity, as well as accelerate economic growth in the long term.