The bipartisan infrastructure bill, enacted by President Biden, significantly extends the reporting obligations for brokers, including crypto exchanges and custodians, to report transactions exceeding $10,000 to the IRS. This requirement aims to reduce tax evasion but has stirred debate over the practicality of collecting detailed personal information. Industry experts and lawmakers are calling for further legislation to amend these stringent requirements, indicating the need for a balance between regulatory objectives and operational feasibility.
