The Tax does not affect self -healing wallets, but it could force exchanges to collect data.
Coin Center proposes to limit the treasure to protect privacy rights.
While progressing a legislative initiative in the United States called Big Beautiful Bill (in Spanish: the great and beautiful bill), voices are raised among those who see the proposal as a threat, not only for national finances, but also for the privacy of Bitcoin users (BTC) and cryptocurrencies.
The Fiscal Law Project, of more than 1,000 pages, in its 112105 section, proposes a special 5% tax on money transfers abroad, using the definitions of “remittance transfers” of the Office for the Financial Protection of the Consumer (CFPB). With this, suppliers, such as banks or Exchange of cryptocurrenciesamong them, Binance or Coinbase, would act as tax collectors For the Treasury Department.
However, the regulations, which was approved by the United States House of Representatives last week, includes the possibility that Americans can avoid the tax. This is whether they identify and use a supplier that complies with treasure verification agreements, but such exemption requires revealing personal information, which is generating concerns about privacy.
About it Comment Peter Van Valkenburgh, director of Research at Coin Center, a non -profit organization that promotes favorable public policies for cryptocurrencies. This describes the tax as a “massive surveillance and financial control regime” that penalizes those concerned with their privacy. “It is a regime of ‘papers please’ for Americans who wish to make transactions without confiscatory taxes,” he says.
Transactions with wallets without custody are exempt from the tax, since users manage their own funds without intermediaries, but centralized exchanges that guard user funds could be subject to the tax, although the Office for Financial Consumer Protection (CFPB) of the United States has not yet clarified whether cryptocurrencies qualify as “funds” under the Electronic Transfer Law (EFTA).
Even so, the legal vacuum allows cryptocurrency transfers that do not specify a foreign recipient are exempt, since suppliers are not obliged to verify the destination of the funds. This could encourage the use of custody wallets, but also raises the risk that the treasure imposes stricter regulations.
In this regard, Coin Center warns that the bill could lead to an attempt to force intermediaries, such as centralized cryptocurrency exchanges, to collect private information about people who are not their customers. This specifically refers to a precedent as the “midnight regulations of 2020”, which Coin Center had criticized for trying to impose data collection requirements on transactions recipients that are not direct customers of suppliers.
Given this, Coin Center proposes safeguards to limit the scope of the tax, including prohibiting the treasure that requires suppliers to collect data from those who are not their clients and exclude entities without custody, as software developers or digital miners, of being considered remittance suppliers. They also advocate mechanisms that allow citizens to demonstrate without compromising additional personal informationusing privacy preservation technologies.
In spite of recent advances in the regulation of Bitcoin and cryptocurrencies, such as the repeal of the annulment of the SAB 121 regulations, or the imminent approval, reported by cryptootics, of the guide and establishment of the national innovation for the US stablecoins. However, ambiguity around the funds guarded in Bitcoin and cryptocurrency exchanges, as well as the potential for more invasive regulations keep the community on alert.
“It’s a debt bomb”
The great and beautiful bill has also aroused other concerns such as Peter Schiff warned, A well -known critic from Bitcoin, who lashed out at the project, stating that this will not make the United States again, as has been seen, but that “perpetuates the destructive fiscal policies that contributed to our fall.”
For the economic commentator, the bill ironically, could be the drop that collates the glass, giving way to a sovereign dollar crisis and debtwhich should have already occurred. Schiff warns that the project aggravates the structural problems of the financial system, weakening the dollar and bringing the country closer to an economic crisis.
The same He thinks Republican representative Thomas Massie, known for his libertarian positions, who voted against the bill in the House of Representatives, qualifying him as “a debt bomb.”
«I would love to be here and tell the American people that we can cut their taxes and increase spending, and everything will do well. But I can’t do it because I am here to convey a dose of reality.
Thomas Massie, republican legislator.
According to Massie, the project drastically increase the short -term deficitpromising fiscal responsibility in five years, a promise that considers unfeasible. “This bill is a debt
Massie, together with representative Warren Davidson, were the only Republicans to vote against, while representative Andy Harris voted “present.” All Democrats opposed the project. Massie criticized the lack of fiscal responsibility, comparing the project with “putting coal in the boiler and marking the course towards the iceberg”, comparing the country with the Titanic.
He also pointed out the hypocrisy of approving such a controversial measure during the early morning, stating: “If something is beautiful, it is not done after midnight.” His opposition earned him attacks by President Donald Trump, who threatened with expelling him from office.
