The US plans to increase tax fees for cryptocurrency transactions. The bipartisan Senate deal on infrastructure development, developed by American President Joe Biden, provides for the introduction of stricter rules for investors in cryptocurrency. This was done to collect taxes that will be used to finance an ambitious program worth a total of $550 billion.
According to the plan, the new provisions will allow attracting an additional $28 billion in taxes from transactions related to cryptocurrency to the treasury. The proposal will apply more to brokerage companies that are engaged in providing access to cryptocurrency trading, as well as cryptocurrency exchanges. These companies will be required to provide more thorough information to the US IRS about transactions with digital assets, including virtual currencies and tokens. There is also a requirement that companies report cryptocurrency transactions worth more than $10,000.
The new cryptocurrency measures were an addition to the infrastructure deal announced on Wednesday, after weeks of debate between Republicans and Democrats over what costs to include in the deal and how to fund them. Closer attention to cryptocurrency transactions has been a priority for members of both parties, including the Treasury Department and President Joe Biden. Back in the May report, the US Treasury raised the topic of compliance with tax requirements in terms of cryptocurrencies. The Department of Treasury considered it necessary to take additional measures with respect to crypto assets to minimize the possibility of money laundering and concealment of income. Individual representatives of Congress recently stated that concerns about the transparency of the cryptocurrency have been growing for a long time, so this measure was added to the new plan for financing expenses.
The proposal was also received after a careful study of reports from law enforcement officials. To them, cryptocurrencies have increasingly become an area of tax fraud in order to hide income from the federal government. Some leaders of the cryptocurrency industry reacted negatively to this proposal and stated that certain companies that would seem to fall under this provision do not have the ability to collect such information that it requires. "This is very problematic," said Kristin Smith, executive director of the Blockchain Association, arguing that this provision could push some companies to move abroad. In any case, the authorities of the United States of America continue their persistent activities to "restore order" in the cryptocurrency industry and so far they are doing quite well.
Let me remind you that Treasury Secretary Janet Yellen recently expressed concern about Tether's statements that it has huge volumes of commercial securities – in other words, debts that companies issue to meet their short-term financing needs. The regulator also spoke unflatteringly about Diem, a coin developed by an association that includes Facebook, as well as other companies and non-profit organizations. The risk of its widespread distribution through social networks can also harm the financial system, since Facebook has almost 3 billion active users. Yellen called on agency managers to "act quickly" to ensure that the stablecoin complies with the rules put forward by the regulator.
As for the technical picture of bitcoin, yesterday it slightly adjusted downwards during the publication of the Federal Reserve's decision on monetary policy, but then the demand for crypto assets returned along with interest in buying risky assets. The growth in the area of $40,000 leaves quite a lot of hope that the bulls will once again test the resistance at $41,100 in the near future. A breakout and an exit beyond this range will open a direct road to the highs of $46,700 and $52,000. If the pressure on bitcoin returns in the near future, the bulls will need to try not to let BTC fall below the support of $36,700, as a lot depends on it. If the exchange rate goes below this level, most likely, the pressure on the world's first cryptocurrency will return, and we will see a support update of $33,300 and then a retest of $29,200, which will be the last blow to buyers' hopes for the rapid growth of the cryptocurrency.
