Crypto industry and lawmakers continue efforts to change digital asset reporting requirements passed under Infrastructure Act

On November 15, President Biden signed the more than USD 1 trillion Infrastructure Investment and Jobs Act (the Infrastructure Act) into law. Despite substantial criticism and various attempts to amend the bill while it was under debate in Congress, the Infrastructure Act includes two changes to provisions of the Internal Revenue Code (Code) that deal with reporting obligations for certain digital assets transactions. Although one of these changes received much more attention than the other.

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Article first published in Bloomberg Tax, December 2021.