By Tyler S - Cryptocurrency expert - 10-08-2021
Modifications to change the way cryptocurrency assets are reported to the government have recently been turned down by the Senate of the US. The change that had been blocked was an amendment designed to ensure all entities would submit their crypto data reports. However, the Senate refusing the change has caused some significant setbacks to the cryptocurrency trading industry.
In recent news this week, when the Senate voted down the proposal to modify cryptocurrency reporting regulations, this left some uncertainty within the crypto asset management industry.
The proposal included crucial specifications that would address and solve the many raised concerns of investors and crypto companies. Part of the proposal stated that all relevant entities were to send their tax data to the IRS. Many people took part in the creation of this bill to which it took several weeks to manifest only to be turned down.
One particular republican who was a part of the bill's creation said in an article that the amendment clarifies that miners, crypto wallet hardware companies, and other crypto industry members are not required to hand in their data.
As previously stated, the amendment's rejection is a setback for the crypto business, despite the bill advocating more focused monitoring. Simultaneously, another republican who worked on the bill, Rob Portman, indicated that there are various other options for bringing further clarity to the proposal to ensure its acceptance.