Biden Hands Crypto To Treasury

President Joe Biden signed a $1.2 trillion infrastructure bill on Tuesday that includes income reporting provisions for cryptocurrency investments. While the bill is supposed to address the nation’s infrastructure, it also hands over crypto income reporting and taxation to the Treasury. To raise some of the money for the infrastructure plan, there will be a new definition of what a broker is, giving the Treasury clear definitions to use when looking into taxing investments. Justin Barron of Barron Protocol, a decentralized commerce protocol, is hoping for sensible regulation. He said, “in a global economy, regulating through fear and ignorance rather than regulating with understanding will simply drive the next wave of web innovation away from the US and to other jurisdictions that are implementing smart and informed regulation.” Other industry leaders are taking part of the blame for the new and intensified regulation, like Dr. Amber Ghaddar of AllianceBook who said it was, “our fault for not ironically “centralizing” out efforts to not only lobby but also explain to key stakeholders how our protocols work.”