US Crypto Infrastructure Bill: Bad for privacy, but is it meant to generate revenue?

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The Politicus
Aug 11, 2021 09:27 PM 0 Answers
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Per my understanding, the main consequence of bill for crypto is that it imposes a tax requirement on proof-of-stake validators, protocol devs etc, to report taxes on people who transact with the technology (much like how stockbrokers have to report taxes for the clients).

I understand this aspect of tax-reporting isn't feasible, given the nature of blockchain technology.

What I don't understand is, crypto investors/traders have to pay taxes anyway. So how is this tax provision meant to generate (extra?) revenue for the bill?

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  • August 11, 2021