Treasury to the rescue? Officials to clarify crypto tax reporting rules in infrastructure bill: Report By Cointelegraph

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Treasury to the rescue? Officials to clarify crypto tax reporting rules in infrastructure bill: Report

The United States Treasury Department is reportedly seeking to clarify the definition of brokers in the bipartisan infrastructure bill passed by the Senate last week, offering cautious reassurance that the new legislation won’t impact innovation and growth in the blockchain industry.

As reported by Bloomberg, the Treasury Department is preparing guidance on what types of crypto companies will be required to comply with new Internal Revenue Service reporting requirements. The report indicated that the definition of “broker” could be narrowed from what many fear would include protocol developers and wallet providers that currently operate in the cryptocurrency industry.