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House passes $1T infrastructure bill with crypto tax for Biden's approval

Published 11/06/2021, 01:40 AM
Updated 11/07/2021, 02:20 AM

The United States House of Representatives passed the $1.2 trillion bipartisan infrastructure bill which, if signed into law by President Joe Biden, would enforce new provisions in relation to crypto-tax reporting for all citizens.

The infrastructure bill was first proposed by the Biden administration aimed at primarily improving the national transport network and internet coverage. However, the bill mandated stringent reporting requirements for the crypto community, requiring all digital asset transactions worth more than $10,000 to be reported to the IRS.

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