The crypto tax provision in the infrastructure bill is ‘potentially unworkable’—but Treasury may say it doesn't matter (via CNBCMakeIt)
The debate is centered around how the bill defines a "broker," who, under the current provision text, will be required to report crypto gains in a type of 1099 form.
Since the infrastructure bill passed in the Senate, members of the House, including Reps. Ro Khanna, D-Calif., Eric Swalwell, D-Calif., Anna Eshoo, D-Calif., Bill Foster, D-Ill., and Darren Soto, D-Fla., have called for amendment and for the definition of a "broker" to be narrowed. But to avoid further delay, the U.S. Treasury Department plans to clarify its definition of a "broker" without amending the bill,, citing a Treasury official. The bill would remain unchanged, but Treasury would promise not to target non-brokers when later writing the tax law.
"The fact that Sen. [Robert] Portman came out and was very clear that their intent was not to extend this to folks in this space who could not comply was helpful," Watson said. But, for many in the crypto community, "the worry is you don't know if you could take [policymakers'] word on that. Without that amendment, there's gonna be nerves."
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