August has been a very busy month for the crypto industry. This is when a major clash has broken out between opponents and supporters of cryptocurrencies in the United States. The request to amend the current tax on digital assets by those lobbying for the development of the crypto industry in the US was met with a refusal from the government. It is all about tax returns on digital money transactions. The Senate decided to tighten its control in this field. The upper chamber of Congress is planning to enact a law granting the US authorities the right to strictly supervise cryptocurrency circulations. Experts suggest that such a decision could be attributed to a distinct lack of money. The crypto industry is a new developing sector. Despite a high turnover, it still does not have enough money to defend its interests at the legislative level. The rejected amendment would abolish the new tax reporting requirements for crypto firms. Neither miners nor software developers currently have the technical capability to provide tax data to the corresponding government agency. It means that they may well come under scrutiny by the revenue service. So far, the crypto industry is not subject to the jurisdiction of the US Internal Revenue Service. However, the new requirements for cryptocurrency companies will change the situation and bring over $28 billion in revenue to the federal budget.
