November 16, 2021

The Crypto Market ‘Crashed’! Official Biden Tightens Laws For Brokers

 The President of the United States (US), Joe Biden has passed a bipartisan bill worth $ 1.2 trillion in a ceremony at the White House.


It is understood that the bill not only focuses on the rehabilitation of public infrastructure, but also involves increasing the law on cryptocurrency business and brokers are required to report cryptocurrency tax and other related requirements.


For example, a crypto transaction worth more than $ 10,000 must be reported to the Internal Revenue Service (IRS) by submitting a 1099-B form.


This procedure exposes investors ’‘ hidden ’profits through more transparent investment activities and is monitored by the authorities.



In fact this effort has been intensified since August, when then Senators Ron Wyden, Patrick J. Toomey and Cynthia Lummis proposed amendments to the bill.


However, their idea did not receive approval and there was interference from other senators: Mark Warner and Rob Portman.


Perhaps the U.S. president’s decision gives a better picture of the nation’s future but Senator Pat Toomey instead lashed out at criticism, considering the law costly, too big, and risking the cryptocurrency’s innovative economy.


He also predicted the need to report crypto taxes would not bear fruit.


At the time of writing, the crypto market is recording alarming turmoil. Bitcoin (BTC) traded at $ 61,968.56, down over 5% in 24 hours. The performance of the crypto king also dragged the altcoins market to a low level.