cryptocurrency
Bulletins

Draft infrastructure bill would tax crypto

The IRS and Treasury Department have previously raised concerns about crypto tax evaders.

Three gold-colored souvenir bitcoins on black surface
The article follows a statement last week by China's top level of government cracking down on crypto.
Photo: Dmitry Demidko/Unsplash

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.

Tomio Geron

Tomio Geron ( @tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. He was also as a staff writer at Forbes covering social media and venture capital, and edited the Midas List of top tech investors. He can be reached at tgeron@protocol.com or tgeron@protonmail.com.

taxesregulationirsinfrastructure billcryptocurrency
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