IRS Grants Reprieve on Crypto Reporting Rules Amidst Infrastructure Act Changes

In a temporary relief for businesses navigating the crypto landscape, the U.S. Treasury Department and the Internal Revenue Service (IRS) have announced a postponement of new rules mandating the reporting of digital asset transactions exceeding $10,000. The delay comes as both agencies work to implement regulations in response to the changes introduced by the Infrastructure Investment and Jobs Act, signed into law by President Joe Biden in 2021. While the act equates digital assets with cash for reporting purposes, the recent IRS announcement indicates a transitional phase, stating that businesses are not obligated to report digital asset transactions akin to cash transactions until specific regulations are established. Critics argue that the stringent measures outlined in the infrastructure bill, including personal details disclosure for crypto transactions, may impede industry growth and innovation. (Source: Coingape)