The Biden Administration Postpones Tax Rules for Crypto Brokers

• Brandon Davis
• December 23, 2022
• Crypto, News
• 0 Comments

• The Biden administration postponed requiring cryptocurrency brokers to monitor and report investors’ earnings to the IRS.

• As part of the $1 trillion infrastructure bill passed into law in 2021, Congress compelled digital asset dealers to report transaction revenues to the IRS on a 1099 form.

• The proposal aimed to garner $28 billion over 10 years by putting standard securities broker restrictions on crypto trading.

• The IRS and Treasury stated Friday that the new reporting regulations wouldn’t take effect until they complete writing the governing rules.

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