{"id":13110,"date":"2021-11-15T19:22:12","date_gmt":"2021-11-15T19:22:12","guid":{"rendered":"http:\/\/ci029256bf1007267f"},"modified":"2025-01-29T13:47:20","modified_gmt":"2025-01-29T13:47:20","slug":"us-senators-propose-bill-to-amend-bitcoin-tax-reporting","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/us-senators-propose-bill-to-amend-bitcoin-tax-reporting","title":{"rendered":"Senators Seek To Amend Bitcoin Reporting Changes In Infrastructure Bill"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><ul>\n<li>A bipartisan team of U.S. senators is introducing a bill to restrict tax reporting rules present in the infrastructure bill, which is set to become law today.<\/li>\n<li>The infrastructure bill\u2019s text extends cash-focused section 6050I to contemplate cryptocurrency transactions.<\/li>\n<li>\u201cThe new bill includes a provision that would make it retroactive to the infrastructure bill\u2019s signing,\u201d Bloomberg reported.<\/li>\n<\/ul>\n<p>U.S. senators Ron Wyden, chairman of the Senate Finance Committee, and Cynthia Lummis are introducing a bill to amend tax reporting requirements in the infrastructure legislation set to become law on November 15, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-11-15\/senators-seek-crypto-reporting-fix-as-biden-signs-infrastructure\" target=\"_blank\" rel=\"noopener\"><em>Bloomberg<\/em><\/a><em> <\/em>reported.<\/p>\n<p>\u201cThe new bill, the text of which was obtained by Bloomberg News, seeks to override a provision in the infrastructure legislation that cryptocurrency investors say is overly broad and would stifle growth of digital currencies,\u201d per the report.<\/p>\n<p>In September, a <a href=\"https:\/\/bitcoinmagazine.com\/markets\/infrastructure-bill-report-bitcoin-payments-over-10000-to-irs\">tax change<\/a> introduced in the infrastructure bill would require U.S. persons receiving over $10,000 in bitcoin and cryptocurrency to report the sender\u2019s personal information to the Internal Revenue Service (IRS), extending the provisions of section 6050I that currently only apply to cash transactions.<\/p>\n<p>\u201cOur bill makes clear that the new reporting requirements do not apply to individuals developing blockchain technology and wallets,\u201d Wyden said in a statement, per the report. \u201cThis will protect American innovation while at the same time ensuring those who buy and sell cryptocurrency pay the taxes they already owe.\u201d<\/p>\n<p>The new bill seeks to restrict the interpretation of the entities these requirements would apply to and protect innovators such as miners and developers in the U.S.<\/p>\n<p>\u201cIt\u2019s not yet clear when the crypto reporting bill could come up for a vote, or if it could be included in other year-end legislative packages in coming weeks. The bill includes a provision that would make it retroactive to the infrastructure bill\u2019s signing,\u201d per the report.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2025\/01\/21-days-ad1-newsletter-1200x300-v3-copy.jpg\" title=\"\"><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>A bipartisan team of US senators is introducing a bill to clarify what entities should report cryptocurrency transactions to the IRS.<\/p>\n","protected":false},"author":2572,"featured_media":7748,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[106,2354],"class_list":{"0":"post-13110","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-cynthia-lummis","9":"tag-proposals"},"author_data":{"id":2572,"name":"Namcios","nicename":"namcios","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/pfp-96x96.png"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/tax-clarity-bill-for-hard-fork-assets-reintroduced.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/13110","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2572"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=13110"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/13110\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/7748"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=13110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=13110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=13110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}