The massive new $1 trillion infrastructure bill that was just signed by the house and is about to be signed by President Biden now has many in the crypto industry worried.
Inside of the bill is a new application of the IRS’s 6050i to crypto coins and NFTs.
The new rule will require that all transfers of assets over $10k in value (including coins and NFTs) must be treated like cash…meaning they must be reported with the senders name and address. Any caught violating this new piece of law could face up to 5 years in federal prison.
There are, however, many questions regarding exactly who or what is the ‘sender of the digital assets’ might be….especially when it comes to DeFi cryptos.
You can read the full bill in its entirety here.
What do you think about the new legislation?