One way lawmakers propose to pay for the $1 trillion infrastructure bill the Senate approved Tuesday is by imposing tax-reporting requirements for cryptocurrency brokers, the way stockbrokers report their customers’ sales to the IRS. The most widely traded cryptocurrency is Bitcoin, now worth around $45,000 each, down from a high in April of about $64,800. Going back to the drawing board on revenue raisers, the plan was hatched for stricter tax-reporting requirements for cryptocurrency brokers. Those people don't have access to cryptocurrency users' data the IRS would be collecting, opponents say. Some cryptocurrency brokers already report transactions to the IRS, though most don’t, experts say.

Source: ABC News August 10, 2021 18:25 UTC