Crypto Reporting Requirements Under Scrutiny in the U.S.

The bipartisan infrastructure bill, with its new amendment effective from 31 december 2023, expanded crypto reporting requirements for brokers, making it mandatory for exchanges to report transactions over $10,000 to the IRS. Lawmakers have since expressed concerns about the feasibility of collecting such data and proposed additional legislation to address these challenges. The bill mandates brokers to report sender information, including name, address, and social security number, within 15 days. Initially set for January 2023, compliance deadlines are approaching, with concerns raised about the potential difficulty for users to adhere to the reporting requirements without clear IRS guidance. Source: Cointelegraph