Why Crypto Should Modify the Section 6050i Tax Change, Not Fight It

Posted on by American Coins & Gold

Why Crypto Should Modify the Section 6050i Tax Change, Not Fight It
Last week, a four-decades old law about cash was modified to incorporate cryptocurrency. Buried deep inside President Biden’s thousand-page Infrastructure bill was an amendment to an arcane section of the U.S. Internal Revenue Code, which sets reporting requirements for payments made with cash. The definition of “cash” was amended to include crypto. Rather than celebrate the law’s ratification of crypto, many in the cryptocurrency community are furious.Over the centuries a large body of law has evolved pertaining uniquely to cash. One of society’s oldest cash-specific laws is legal tender. Other ancient laws cover counterfeiting. A newer law, one from the…