A compromise that proposed amending provisions in the bipartisan infrastructure deal on crypto failed to meet the requirements of a unanimous consent request in the United States Senate, making the bill likely to go to a full vote without additional changes. This afternoon, Senator Tom Carper put forth the compromise amendment agreed upon earlier today by senators Pat Toomey, Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema and Ron Wyden on providing clarity for what defines a crypto broker. However, Alabama Senator Richard Shelby objected when Carper disagreed to add Shelby’s own unrelated amendment to the bill — a proposal …

The provisions aim to raise $28 billion for infrastructure funding through expanded digital asset taxation and will impose broad third-party reporting requirements on any crypto firm deemed to be a “broker.” On Monday, Jake Chervinsky, general counsel to Compound Labs, tweeted that the United States Senate had voted 68 in favor to 29 against ending the debate surrounding the provisions, halting discussions until Tuesday’s final vote. However, Chervinsky emphasized that the Senate could still pass an amendment to the bill by unanimous consent before the final vote. Senate talks over the controversial cryptocurrency tax provisions to the U.S. infrastructure bill …

With more than one amendment proposed to the United States infrastructure plan that would modify a provision on cryptocurrencies, some figures in the space are going against the one with White House support. Digital rights advocacy group Fight for the Future said today it would not support the amendment crafted by Senators Mark Warner, Rob Portman and Kyrsten Sinema to address the issue of clarifying the language used concerning crypto in the bipartisan infrastructure bill. According to the group, the proposed amendment gets “a resounding no” as a possible solution to the bill which “fundamentally misunderstands how cryptocurrency and decentralization …

On Wednesday, several United States senators proposed an amendment to an infrastructure bill that would clarify language concerning crypto. Even though that proposal seemingly has the support of the White House, U.S. Treasury Secretary Janet Yellen has reportedly come out against the measure. According to a Friday report from the Washington Post, Yellen raised objections to the proposed amendment with lawmakers on Thursday. She lobbied Senator Ron Wyden regarding the changes which, if added to the bill, would exclude certain crypto companies from the reporting requirements for brokers. Wyden is one of three senators behind the amendment with Cynthia Lummis …

Coinbase CEO Brian Armstrong is the latest crypto figure to come out against the wording of the proposed changes to cryptocurrency taxation in the United States. Tweeting on Wednesday, Armstrong stated that the provisions included in the crypto taxation proposal could have a “profound negative impact” on the U.S. crypto space and could force digital innovation to move overseas. As previously reported by Cointelegraph, amendments to crypto taxation rules were a last-minute addition to the $1-trillion infrastructure deal currently before the United States Senate. The Coinbase CEO, like many other opponents of the proposal, faulted the broad language of the …

Spanish lawmakers are backing a new legal initiative to legitimize the cryptocurrency and blockchain industry by proposing a new bill on digital transformation. The new draft bill was introduced by Spanish political party the People’s Party (PP). It aims to drive innovation in multiple industries through regulating emerging technologies such as blockchain and artificial intelligence and cryptocurrencies like Bitcoin (BTC). As part of the draft bill, the PP proposed to legalize the usage of cryptocurrency and blockchain tech for mortgage and insurance purposes. Specifically, the proposal aims to allow property owners to pay mortgages with crypto and authorize the real …

Lawmakers in the United States have called for caution regarding implementing a proposed tax policy that could have significant implications for America’s crypto space. As previously reported by Cointelegraph, an expanded crypto taxation regime was a last-minute addition to the $1-trillion infrastructure deal currently being debated in Congress. According to the proposed amendments, tighter rules on crypto reporting requirements could provide $28 billion in additional funding for the government. However, Senator Patrick Toomey is among a group of senators who have warned of the broad language used in the expanded crypto tax policy. According to a Washington Post article, Toomey …

North American mining and hosting firm Compass Mining is offering a new tax avoidance method for savvy crypto miners that file in the United States. In a Thursday announcement, Compass Mining said it had partnered with IRA provider Choice by Kingdom Trust to help Bitcoin users mine directly to their IRAs “without ever triggering a taxable event.” Under current U.S. law, income is often the only taxable source of funds for many who file returns. Crypto users who purchase tokens may be required to declare the holdings in their tax returns, but may not necessarily have to pay the government …

Global professional services firm Ernst & Young (EY) continues exploring the potential of blockchain technology to improve taxation processes with a new initiative. The company announced Wednesday that EY completed a blockchain-based project to address complexities and inefficiencies in the cross-border withholding tax (WHT) process, generally a paper-based process where data could be lost or not shared properly due to privacy concerns. “It also may not be trusted by counterparties and tax authorities who require more and more information to validate that the correct amount of withholding tax has been paid either by relief at source or after a withholding …

Last-minute additions to the bipartisan infrastructure deal in the United States Senate saw lawmakers propose expanded cryptocurrency taxation to raise an additional $28 billion in revenue. The proposal will implement tighter rules on businesses handling crypto, expand reporting requirements for brokers, and mandate that digital asset transactions worth more than $10,000 are reported to the Internal Revenue Service. Senator Rob Portman noted that Congress has expressed concerns regarding crypto reporting and taxation requirements for some time: “Everybody’s been talking about the appropriate way to provide more reporting in particular and that leads to better compliance.” The crypto measures were hastily …

Binance, the world’s biggest cryptocurrency exchange by trading volumes, continues its efforts to maintain dialogue with global regulators by introducing withdrawal limits and a new tax reporting system. The company officially announced Tuesday a major update to its Know Your Customer policies, significantly reducing maximum withdrawal amounts for users who have not completed full identity verification. Effective immediately for new Binance accounts, users who have completed only basic account verifications will be unable to withdraw more than 0.06 Bitcoin (BTC) per day, worth roughly $2,400 at the time of writing. Previously, the maximum daily withdrawal amount was capped at 2 …

South Korean legislators propose to revise tax codes so that tax authorities would be able to confiscate tax evaders’ crypto assets directly from their digital wallets. According to a report published on July 26, the proposal forms part of a wider, annual review of the country’s tax system. This year, faced with rising welfare costs to help sustain the increasingly elderly population, legislators are looking to amend a total of 16 existing tax codes. These revisions include redistributive measures to charge higher taxes on wealthy individuals and conglomerates, in addition to cracking down on money laundering and tax evasion in …