Remember the giant kerfuffle this month around a crypto tax provision embedded within the U.S. Senate's $1 trillion infrastructure bill?
Get ready for the sequel.
The Biden administration wants to incorporate new crypto reporting requirements in an upcoming $3.5 trillion budget reconciliation bill, according to a report published in Roll Call today citing an anonymous administration official. The language would require American cryptocurrency firms, namely exchanges, to report data about non-U.S. users; that information could be exchanged with other countries to make sure crypto traders pay taxes.
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