A provision in an infrastructure bill being debated by the U.S. Senate has prompted concerns in the crypto industry as it boosts Internal Revenue Service reporting requirements for investors and brokers.
- According to the New York Times, the provision is an effort to help fund a US$ 1 trillion bipartisan bill and could help raise US$28 billion over a decade, according to an estimate by the Joint Committee on Taxation.
- Many in the crypto industry were initially concerned over the bill’s broad definition of “broker,” to incude any party facilitating transfers of digital assets. However, an updated version of the bill released late Sunday night narrowed that definition to “any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.”
