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Six senators urge Treasury Secretary to clarify definition of broker in infrastructure law before 2022 -Breaking

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Bipartisan senators have asked Janet Yellen from the Treasury Department to clarify President Joe Biden’s language regarding crypto taxes reporting.

Senators Rob Portman and Mike Crapo, Pat Toomey and Mark Warner wrote a Tuesday letter to Kyrsten Sinema and Cynthia Lummis. It is strongly recommended Yellen to “provide information or informal guidance” on the definition of “broker” in the recently passed infrastructure law, HR 3684. According to current language, all persons in crypto, such as miners, developers of software, transaction validateators, and operators, are obliged to report any digital asset transactions greater than $10,000 to IRS.