This Sunday they closed the votes for or against the cryptographic tax policies for the US infrastructure project And considering the results, we can say that a definitive agreement was not reached; The most relevant of the votes was the figure, of which it was 68 voters in favor, and 29 against to conclude the discussions.
This could have a significant impact on the crypto market and the user community that uses cryptocurrencies on a daily basis. And for that reason, they decided to apply the 30-hour law so that they consider their decisions regarding the proposals; this new vote will take place on Tuesday.
Explanation of the situation regarding the crypto taxes of the infrastructure project
In the United States, the bipartisan infrastructure proposal aims to raise approximately $ 110 billion. This would be invested in construction, improvements to public roads, among others. However, the debates around crypto taxes, and the proposals, are so that they can award an amount of $ 28 billion for the financing of the project.
In order for the collection of said sum of money to be carried out, it is necessary that new policies be applied to follow; which will apply to citizens, entrepreneurs and businessmen.
Considering the proposal of Senators Rob Portman, Mark Warner and Kyrsten Sinema, we can say that it is not valid to classify as a broker every citizen who carries out operations with cryptocurrencies; as the Coinbase CEO suggested. As this could set back technological advancement and adoption of cryptocurrencies in the US.
However, during yesterday’s voting, Congress did not reach a definitive agreement that would benefit both parties. The votes, as highlighted, were 68 in favor and 29 against. Moreover, this was highlighted in Twitter by Jake Chervinsky, General Counsel of Compound Labs, who noted:
Translation: Infrastructure Bill Update Sunday Night: The Senate has voted 68-29 to end the debate. We wanted to vote on the Wyden amendment first, or on a Wyden-Warner compromise, but we were out of luck. The Senate has to wait until Tuesday for a final vote. They could still amend the bill before then.
Panorama and possibilities
Senators Wyden, Lummis and Toomey’s amendment appears to be the most attractive to the cryptocurrency user community. Since, it offers a better definition about who really should or should not pay crypto taxes.
And despite the confusion that has arisen in Congress, it is possible that the amendment could exempt a large part of users; where miners, developers, network validators, stakers, among others, are covered. While, if the proposal is approved by Senators Rob Portman, Mark Warner and Kyrsten Sinema, miners, validators or others will also have to pay crypto taxes.
Should it be approved it would be a bigger problem for these individuals from the crypto community. Since they would have to present reports or statements about their operations; which will initially request personal information about their counterparts.
It can be closed by saying that we are at a point of utmost importance for the citizens of the United States. And once the 30-hour period has expired, it will remain to see the decision-making of Congress, and how the legislation will act with respect to the unwise proposal from Senators Rob Portman, Mark Warner, and Kyrsten Sinema; in case it wins the vote.