Biden Administration Moves on Taxing, Regulating Cryptocurrency
FOX Business cites Senior Fellow John Berlau on the Biden Administration’s recent moves to tax cryptocurrency:
Thanks to a provision in the bipartisan infrastructure legislation last year, cryptocurrency exchanges, and entrepreneurs already face tougher reporting requirements than other financial assets, argued John Berlau, a senior fellow at the Competitive Enterprise Institute. The infrastructure act expanded the definitions of “broker” and “digital assets.” He contends the $11 billion revenue estimate, and broad definitions would prompt the IRS to be more aggressive in going after the industry.
“The Biden administration’s big-dollar revenue estimate that includes the contentious crypto tax reporting provisions of the infrastructure law may send signals to the IRS to go after miners, software developers and other small cryptocurrency entrepreneurs,” Berlau told Fox News. “This would go against bipartisan sentiment in Congress that these individuals and firms should not be subject to burdensome tax reporting rules.”
Berlau said Congress should attach language to narrow the infrastructure law’s rules on digital assets “to any budget bill to stop this pending regulatory onslaught on small crypto entrepreneurs.”