The new infrastructure bill expands the definition of cash to include “digital assets” and includes tax reporting provisions that capture Miners, stakers, lenders, decentralized application and marketplace users, traders, businesses, and individuals into these reporting requirements
The Crypto Industry and many in Government want to :”fix” the legislation by narrowing the definition of “broker” so the Internal Revenue Service can not target crypto miners, developers and others, who don’t have any customers or have access to information needed to comply with tax reporting requirements.
Attorney Steven A. Leahy reviews the new Bill and the impact on the Crypto industry and growth.