A cryptocurrency tax reporting requirement has been included in the bipartisan infrastructure bill, according to MarketWatch. The proposal would require anyone who provides a service that executes transfers of digital assets to report them to the IRS. The requirement is similar to current reporting rules for traditional brokers of stocks and bonds.
Jerry Brito, executive director of the industry group Coin Center, said in a tweet that the proposal was overly broad and could include "persons who only provide software or hardware to customers and who have no visibility whatsoever into users' transactions."
The proposal also calls for businesses to report crypto transactions of more than $10,000 to the IRS.
The IRS and Treasury Department have previously raised concerns about crypto tax evasion.