The crypto industry has pledged to continue its fight against new tax rules included in the bipartisan infrastructure deal that awaits President Joe Biden’s signature following its passage by the House of Representatives last Friday.
That said, advocates remain hopeful that standalone legislation can be passed that will soften the reporting requirements before they go into effect in 2024. Jerry Brito, executive director of the crypto think tank Coin Center, said on Twitter Friday that he has been in touch with several legislators on this topic.
One of the central questions the IRS must resolve is who will be considered a “broker” of digital assets and therefore responsible for reporting all crypto transactions to the government. Aside from defining digital asset “broker,” the IRS must also define what it considers to be a digital asset, as well as create the reporting forms and decide what information must be included on those forms.The industry will not only fight to craft the new rules mandated by the law, but may also seek to have them struck down by the courts.
Peter Van Valkenburgh, research director at Coin Center, has said that his organization would likely sue the government once the new requirements go into effect in 2024.
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