Cryptocurrency in the Shadow of the Infrastructure Act: An Update

Nicholas AnthonyIt ’s been over six months since theInfrastructure Investment and Jobs Act was passed with its cryptocurrency reporting provisions intact. If left unamended, those provisions will require exchanges, miners, and software developers to report the name and address of each “customer” as well asany business engaged in a transaction of $10,000 or more in cryptocurrency to report the customer ’s name, address, taxpayer identification number, amount paid, date, and nature of the transaction. Worse yet, it’s only six months until the reporting requirements will start to go in effect.Much has happened in 2022 thus far, so it is understandable that the issue lost the spotlight.Soaring inflation,Canada ’s mass freeze on bank accounts,Russia ’s invasion of Ukraine, and the like have all been well deserving of our attention. Yet in the last week, both a pair of senators and Coin Center brought the reporting provisions back into focus.First up, Senators Cynthia Lummis (R ‑WY) and Kirsten Gillibrand (D‑NY) introducedlegislation to create a regulatory framework for cryptocurrencies where much of the focus is on designating regulatory authority. In his analysis of the bill, Cato ’sJack Solowey wrote, “The question that the Lummis‐​Gillibrand bill seeks to answer is less ‘whether’ it is the SEC or the CFTC that has a role to play in crypto regulation so much as ‘when’ each agency does.” However, the bill also included langu...
Source: Cato-at-liberty - Category: American Health Authors: Source Type: blogs