A bridge collapses in suburban Minnesota, bad pipes make drinking water unsafe in urban Michigan, and the internet goes dead in rural Kansas. The $550 billion answer to solving such issues is the in-progress bipartisan infrastructure bill being hashed out in the Senate.
But the price to pay may be steep for those in crypto, with some saying it could “kill” the industry as we know it.
To pay for $28 billion of the total, the bill includes a provision to expand the definition of a broker for tax purposes to cover “any person who (for consideration) is responsible for and regularly provides and services effectuating transfers of digital assets.”
In practice, this means that crypto miners, validators on proof-of-stake networks, and possibly even those active in decentralized finance markets (think liquidators or governance-token holders) will have to meet IRS reporting requirements and file 1099 forms. These forms include customer data such as name, address, and tax identification number
