Senators Propose Alternative Revenue-raising Crypto Plan Castellanos
Main page News, US Market, US, Taxation, Crypto Market, Regulations

A group of lawmakers has revealed a new cryptocurrency-focused revenue-raising plan that details taxable subjects, Bloomberg reports. The amendment, filed by Senate Finance Committee Chair, Ron Wyden, and Republican Senators, Pat Toomey and Cynthia Lummis, aims to replace the much criticized $28 billion tax plan.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

According to the proposal, those who mine or stake cryptocurrencies, or even sell hardware/software are tax-free. Instead, the amendment would target only those "who conduct transactions on exchanges where consumers buy, sell and trade digital assets."

"Our amendment makes clear that reporting does not apply to individuals developing blockchain technology and wallets," Wyden said.

The Senate is about to vote on tax proposal to the infrastructure bill this week. The final vote might come as soon as this weekend. The amendment proposed by Wyden has not yet been scheduled for a vote.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error