US infrastructure bill forces users to report

An infrastructure bill passed by the US Senate last month warned that an amendment could face a wide range of crypto users with up to five years in prison for receiving digital assets if not properly reported.

According to media reports, the law stated that this provision applies to all US citizens who obtain any type of digital asset "who have so far escaped public scrutiny or congressional oversight."

Although the law classifying new criminal offenses for users of digital assets, in the opinion of many, deserves open discussion rather than being quietly included in a bill under consideration, the proposed amendment to Article 6050I It will state:

“In a wide range of scenarios, a person receiving more than ten thousand US dollars in digital assets would have to verify the personal information of the sender. Including your Social Security number.

and to sign and submit a report to the government within 15 days, and failure to comply will result in mandatory fines It could be a felony (up to five years in prison).”

How does the infrastructure bill affect cryptocurrency mining in America?

Infrastructure bill proposal

The proposal for the infrastructure bill is also based on a year's law 1984, which was formulated to discourage personal cash transfers and encourage the use of financial institutions in major transactions.

But the provisions that were relatively clear before 37 In general, they are difficult to apply to digital assets, making compliance unduly burdensome.

This is because any receipt can lead to reporting requirements, and a digital asset is broadly defined as Any numerical representation of value using distributed ledger technology, as well as non-fungible tokens (NFTs).

Because of this, as the report's authors said for the infrastructure bill:

“Crypto miners, stock pickers, lenders, users of decentralized applications and marketplaces, merchants, companies and individuals with any exposure to digital assets are all at risk of being subject to the controversial clause, although in most cases the recipient person or entity is not in A position to report the requested information.”

Based on its analysis of the ruling, the Public Asset Analysis Committee concludes that all of the above groups must report digital assets received that result in payment of US$10,000, fines or imprisonment.

There are, however, three exceptions: receipts provided by financial institutions, income previously reported under the Bank Secrecy Act, and foreign transactions.

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