US Normalizes Crypto
The text of the White House-backed Infrastructure Investment and Jobs Act shows that crypto cannot hide and the government wants technologies that will normalize crypto:
"The stick here is deployed against one of the least physically-grounded technology industries: crypto. Buried in the bill is a provision that would require the reporting of cryptocurrency transactions to the I.R.S. — an expansion of the current tax law that could raise around $28 billion. This sounds…modest?
"The industry is fighting this, calling it a job killer, but it looks like it just puts crypto in the same category as many other financial assets. Maybe it’s just me, but if tax avoidance is central to a relatively developed industry’s growth plan, it doesn’t sound like a winning political argument." (Fortune)
