US letter "Rebuild Better Act" will close crypto tax loophole

A new article in the “Rebuild Better Act” proposed by US President Biden also contained a letter to close the tax restrictions available to cryptocurrency traders. Part of the Regulatory Commission on October 28 released the addition of the cryptocurrency industry to the regulated market. Allegedly, these regulations attempt to tackle business ventures that would benefit from tax credits and prevent traders or organizations from using short-term sales or offering products on a “current hold” basis. The bill defines digital assets as "any digital asset written on a cryptographically secure distributed certificate or similar technology." The legislature also issued a longer letter H.R. 5376 containing the same rules. The second rule in the first bill provided funding for the Internal Revenue Service (IRS) to "oversee the cryptocurrency and regulate its activities." The longer document does not specify cryptocurrencies. (Parts office)