Why Bitcoin Miners And Blockchain Companies Might Have to Flee U.S?

The massive $1 trillion U.S. infrastructure bill put severe roadblocks for crypto companies operating in America. The bill involves a crypto provision with additional taxes for payments done in cryptocurrencies.
The lawmakers in the U.S. Senate are looking for an additional $28 billion in revenue with crypto transactions. However, the laws are unclear as of now a wide range of participants in the crypto space. As a result, it could potentially lead to an existential crisis for small crypto firms and miners.
Forbes contributor Hailey Lennon notes that regulators should have a “clear understanding” of the crypto industry to propose “reasonable regulations” in this space. The 200-page document of the U.S. infrastructure bill has a subtly-mentioned tax-reporting requirement for crypto transactions.
Thus, any broker or firm involved in dealing with crypto transactions must report them to the IRS. Forbes contributor Lennon along with other industry players points out potential flaws

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Źródło: https://coingape.com/why-bitcoin-miners-and-blockchain-companies-might-have-to-flee-u-s/

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