Editor’s note, Aug. 12, 2021: On Aug. 10, 2021, the Senate voted to approve this infrastructure bill. It now moves to the House for a vote.
The Senate is set to consider the bipartisan infrastructure bill proposing more than $500 billion in spending that will focus on public transit, bridges, clean drinking water, and high-speed internet to grow the economy and create an estimated 2 million jobs per year over the course of a decade.
According to a fact sheet released by the White House on July 28, 2021, one of the sources for funding the bill is reporting for cryptocurrency and digital assets.
Some of the provisions being considered include:
- Expansion of current broker reporting rules that could apply to a broad array of services and service providers that facilitate cryptocurrency transactions or services, as well as to decentralized and peer-to-peer networks
- Expansion of basis reporting to cover a broadly defined group of digital assets
- Inclusion of broad regulatory authority to the IRS
- Expansion of current reporting requirements for recipients of more than $10,000 in cash to include recipients of digital assets
