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US IRS still failing to define “crypto broker”

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US IRS still failing to define "crypto broker" 5

The United States government is showing laziness to introduce a new crypto tax reporting policy because of the problem with the “Crypto Broker” definition.

As we know, the United States Infrastructure Investment and Jobs Act waspassed in Nov 2021. It was supposed that new Crypto tax reporting rule would be effective in 2023, as the infrastructure bill mentioned, but this bill is getting delayed and also no information came from the US government, before this date. As per official reports, corresponding agencies will release dedicated information regarding this bill but before that, it will go through some changes.

According to available information about this US infrastructure bill, the US Internal Revenue Service (IRS) will further redevelop a standard definition of “Cryptocurrency Broker”. Under the existing “Crypto Broker” definition all the Crypto wallet devs, crypto miners, etc fall under the category of “Crypto borker” which is a dramatic thing for the crypto sector & its participants, because these actors are not facilitating crypto transactions directly.

On 23 Dec, The US Treasury Department released a statement on the US infrastructure bill and noted that it intends to craft such rules soon.

Treasury Department explained:

“The Department of the Treasury (Treasury Department) and the IRS intend to implement section 80603 of the Infrastructure Act by publishing regulations specifically addressing the application of sections 6045 and 6045A to digital assets and providing forms and instructions for broker reporting (…) After careful consideration of all public comments received and all testimony at the public hearing, final regulations will be published.”

In this way, the US government agency confirmed that Crypto tax reporters don’t need to take tension over the new crypto tax reporting rules because it will go through a new development phase. 

When first time, US infrastructure bill proposed then the majority of the crypto leaders including Elon Musk, and Coinbase CEO Brian Armstrong critisied such regulatory development works and said that government is doing work blindly without taking care of the innovation of this sector. 

Read also: CNBC host says Litecoin holders are idiots

US IRS still failing to define “crypto broker”

 

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