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Treasury Department Will Offer Clarity on Crypto Tax Rules in Infrastructure Bill

The US Treasury Department will clarify the definition of the term “broker” in the much-debated infrastructure bill that plans to raise $28 billion in crypto taxes. Currently, there is work on streamlining which types of digital asset companies would be subjected to these new requirements.

The infrastructure bill that the Senate passed a week ago would mean that individuals who create blockchain technology and wallets would also report to the IRS and crypto exchanges that act as brokers.

The Treasury Department now wants to establish that miners and wallet providers would not have to comply with the reporting requirements if they do not offer brokerage services.

The Treasury is also working on making it clear which crypto companies would have to follow the IRS reporting requirements.

Three Senators tried a week ago to change the crypto language in the bill but to no avail.

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