US President Biden signs the infrastructure bill, Treasury to handle crypto definitions - Aliens: AI Crypto News & Markets Updates

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US President Biden signs the infrastructure bill, Treasury to handle crypto definitions

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Aliens

Tue, Nov 16, 2021

U.S. President Biden signed the "Infrastructure Investment and Employment Act" on Monday. The office then handed over the task of defining crypto brokers to the U.S. Treasury. As part of its revenue-raising provisions, the infrastructure included a new definition of "broker" among network participants. These expanded definitions were intended to improve transparency with the IRS. However, there is a risk that network participants such as node operators may be required to report identifying information for transactions, which cannot be readily accessed.

Earlier today, Senators Ron Wyden and Cynthia Lummis introduced new legislation designed to limit these definitions in the statute, echoing the original compromised language.

Source: The Block

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