Share this article
House Sends Infrastructure Bill With Crypto Tax Provision to US President
The vote passed with bipartisan support on Friday night.
By Nikhilesh De
Updated May 11, 2023, 7:03 p.m. Published Nov 8, 2021, 7:45 p.m.
Make us preferred on GoogleThe U.S. House of Representatives voted to pass a bipartisan infrastructure bill that contains a controversial cryptocurrency tax reporting requirement.
The House voted in favor of the bill with at least 218 ayes late Friday night, fulfilling a key priority for the Biden administration amid controversy over whether an accompanying Democrat-led bill would also move forward. The Senate originally passed the bill in August after lawmakers shot down any attempts at amending the crypto provision.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The bill now goes to U.S. President Joe Biden for his signature.
The crypto industry was concerned about a tax reporting requirement within the bill that sought to expand the definition of a broker for Internal Revenue Service purposes. The reporting requirement would see all brokers report transactions under the current tax code.
Industry proponents worried the definition would be too broad, capturing entities like miners and other parties that don’t actually facilitate transactions.
Another provision included in the bill to amend tax code section 6050I has also stoked fear in the crypto industry. The law, written nearly 40 years ago to apply to in-person cash transactions over $10,000, essentially requires recipients to verify the sender’s personal information and record his or her Social Security number, the nature of the transaction and other information, and report the transaction to the government within 15 days.
Unlike other tax code violations, violations of 6050I are a felony, and some lawyers have pointed out that, applied to cryptocurrencies and other digital assets like non-fungible tokens (NFT), it would be nearly impossible to comply with the law.
Pushback against the provision held up the bill’s passage in the Senate, where the infrastructure bill originated, giving the industry a chance to push for an amendment to modify the language. Ultimately, however, the Senate passed the bill without adopting any amendments, despite an 11th-hour effort to secure a change.
The Treasury Department still has to explain how it plans to interpret the bill, and publish guidance spelling out how businesses or other entities will have to comply with it.
UPDATE (Nov. 6, 2021, 04:10 UTC): Updated with additional context.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Stablecoins moved $35 trillion last year but only 1% of it was for 'real world' payments
While stablecoins settled around $35 trillion last year, only around 1% of that represented genuine payments like remittances and payroll, a new report found.
What to know:
- Stablecoins processed more than $35 trillion in transactions last year, but only about 1% of that reflected real-world payments, a report by McKinsey and Artemis Analytics found.
- The study estimated that roughly $390 billion in genuine stablecoin payments, such as vendor payments, payrolls, remittances and capital markets settlements.
- Despite rapid growth and increasing interest from traditional payment firms like Visa and Stripe, true stablecoin payments still account for just a tiny fraction of the more than $2 quadrillion global payments market, the report said.
Top Stories
