US senators expect to raise an extra $28 billion through crypto taxes

English Aug 2, 2021

The last meeting of the bipartisan infrastructure plan in the US Senate was complemented with several new provisions aimed at expanding cryptocurrency-related taxation.

According to the published document, policy makers intend to raise an additional $28 billion through these taxes.

Among other things, the updated plan proposes tightening the reporting rules for transactions involving cryptocurrencies, as well as requiring companies to report all transfers of digital assets worth $10,000 or more to the Internal Revenue Service.

The new proposal comes at a time when lawmakers and regulators are paying increasing attention to the cryptocurrency industry. Last week, US Treasury Secretary Janet Yellen urged "to act quickly" on the regulation of the stable currency.


Morel Hernandes

Writer passionate about politics, economics, blockchain and crypto-currencies.