Congress is looking to crypto to help fund part of its $1 trillion infrastructure plan. But the language used in the infrastructure bill is so broad, it could spell bad news for the crypto universe.Â
Essentially, the bill requires anyone who touches a crypto transaction to report the transaction to the IRS, just as securities brokers must do for stock and bond trades. This includes crypto miners, crypto wallet makers, software developers, etc. — none of whom have actual data to report to the IRS.
The good news is that there has been a bipartisan push to revise the language and exclude certain groups from the broker definition. But the fixes came too late, so the language is staying the same for now.
It’s unclear exactly how this will impact the crypto industry. But Vin Narayanan and Andy Gordon have some ideas. In today’s Crypto Insider, they explore a few possible scenarios for both the infrastructure bill and the crypto world.
Note: Vin and Andy planned on doing a crypto portfolio update this week, but they ran out of time. so they’ll do it in next week’s Crypto Insider!
Thanks for watching!