Aug. 12, 2021, 9:05 PM
New tax reporting rules for cryptocurrencies in the Senate’s $550 billion infrastructure package have rattled lawmakers and the industry as House leaders weigh their next move on the proposal.
Bitcoin and other cryptocurrencies let people send money through a decentralized blockchain network, circumventing the traditional banking system.
Under the Senate-passed measure, brokers would be required to report crypto transactions to the Internal Revenue Service. Industry advocates say the measure defines broker too broadly and would sweep in other crypto entities, such as “miners” and developers. Another, less controversial provision would require businesses to disclose transactions of more than $10,000 — …