A group of US lawmakers are pushing a bill to clarify and limit the definition of ‘brokers’ in the massive 2021 infrastructure law.
The infrastructure law introduced new tax reporting requirements involving cryptocurrency transactions. The new, supplemental bill calls for the exclusion of crypto miners and wallet manufactures from the tax reporting clause. As CoinDesk further reported:
The law proposed enforcing stricter tax reporting requirements on brokers facilitating crypto transactions. However, lawmakers and crypto industry advocates alike warned that the language might be overly broad, and could inadvertently enforce these same requirements on individuals, miners and wallet manufacturers who would not be able to record or report the kind of information that brokers could.
The Treasury Department has signaled that miners may already be excluded from the tax reporting requirements. In a letter sent to multiple lawmakers, the department said the reporting requirements would only apply to parties that already have access to the transaction information that would need to be reported.
