New Infrastructure Bill Looks to Raise $30B Through Crypto Taxes
The bipartisan infrastructure bill that’s currently making its way through the U.S. legislature reportedly includes a provision to raise $28 billion from crypto investors, by applying new information reporting requirements to exchanges and other parties. Any broker that transfers any digital assets would need to file a return under a modified information reporting regime. It also includes decentralized exchanges and peer-to-peer marketplaces in its definition of brokers. Additionally, digital assets are added to the current rules requiring businesses to report cash payments over $10,000.