President Biden Signs Infrastructure Bill Containing Crypto Broker Reporting Requirement Into Law

Posted on by American Coins & Gold

President Biden Signs Infrastructure Bill Containing Crypto Broker Reporting Requirement Into Law
CORRECTION (Nov. 15, 22:41 UTC): A previous version of this story incorrectly stated that Sen. Lummis’s bill had failed.President Joe Biden signed into law Monday the $1 trillion bipartisan infrastructure bill, which contains a controversial cryptocurrency tax reporting requirement.The crypto industry was concerned about a tax reporting requirement within the bill that sought to expand the definition of a broker for Internal Revenue Service purposes. The bill would require all brokers to report transactions under the current tax code.Industry proponents worried the definition would be too broad, capturing entities such as miners and other parties that don’t actually facilitate transactions.Sen.…