You might have seen the news on the latest government bullshit tyranny.. trying to impose their agenda and try to shut down technology and vision. Thus the old crazy cook sleepy Joe signed the crazy $1.2 trillion bipartisan infrastructure bill — for which it includes some new legislation crypto nerds should know about. In the USA of course.
Summary of what's included for cryptos
The new law will require brokers — aka cryptocurrency exchanges — to issue a 1099-B. In other words, crypto exchanges will now be required to notify the IRS directly of crypto transactions.
Does anyone really know how in the world every transaction is going to be traced? How much you bought at a certain point and vise versa.. I am sure most keep decent track of transactions., or maybe start.
lets dig deeper into this mess...
Massive implications..
https://www.cnbc.com/2021/11/09/how-bipartisan-infrastructure-bill-will-impact-crypto-investors.html
“The bill will signify the end of hiding many gains for many crypto investors,”
Nah..
So this is why the Market suddenly pooped out.. sad..
The global cryptocurrency market cap today is $2.8 Trillion, a -7.0% change in the last 24 hours. Hide
Total cryptocurrency trading volume in the last day is at $163 Billion. Bitcoin dominance is at 41.2% and Ethereum dominance is at 18.4%.
Top 10 coins with the expectation of the two stable coins are down
This bill however will not only effect Brokers* but also miners and stackers...
the definition would be too broad, capturing entities such as miners and other parties that don’t actually facilitate transactions. "The bill would require all brokers to report transactions under the current tax code."
They tried to do a bait and switch read more about it https://www.coindesk.com/policy/2021/11/15/sen-lummis-mounts-last-ditch-effort-to-modify-crypto-broker-language/