Senate Infrastructure Bill Would Expand Cryptocurrency Tax Reporting

The Infrastructure Investment and Jobs Act would raise up to $28 billion by mandating the reporting of digital assets for tax purposes.

A provision of the 2,700-page, $1.2 trillion package — which is supported by Sen. Kyrsten Sinema (D-AZ), Sen. Mitt Romney (R-UT), and other members of the Senate from both parties — would amend the Internal Revenue Code by introducing a “return requirement for certain transfers of digital assets not otherwise subject to reporting.”