The House has voted with 218 ayes on Friday, amending the definition of “cash” to include “all digital assets” for section 6050I of the US tax code.
This is a reporting requirement for any transactions over $10,000.00 to require a recipient to verify the sender’s personal information and Social Security number, etc., and report this to the government within 15 days.
This is a *felony* violation with jail time involved, should it not be done.
This Bill is being sent to the President for a final signature, and the changes will be enforced by 2023.
From the nature of how DeFi and cryptocurrency works, does this mean that cryptocurrency mining will be subject to the same Regulations? Or DeFi, where the protocol doesn’t have a Social Security Number but manages to reward stakers a large amount of $ anyway?
We are officially at war with the political establishment. Make your voices heard and write to your local Congressman and Senator.
EDIT – the point isn’t that we have to pay taxes. The point is that the requirements might not be possible to comply with because of how crypto works.