US President Joe Biden has signed the infrastructure bill that includes a controversial cryptocurrency tax reporting requirement.
The crypto industry was concerned about the tax reporting requirement in the bill. The bill requires all brokers to report transactions according to the current tax code. Industry advocates worry that the definition will be too broad.
Senator Cynthia Lummis (R-Wyo. ) and others sought to narrow the scope of the code’s crypto brokerage clause with a separate bill submitted Monday.
Another provision the crypto industry opposes essentially requires recipients of transactions over $1,000 to verify the sender’s personal information and record the Social Security number, nature of the transaction and other information, and report the transaction to the government within 15 days.