Cryptocurrencies
Treasury Signals Crypto Miners Won’t Face IRS Reporting Rule
- Clarity on broker definition seen as crypto industry victory
- Treasury intends to issue proposed regulations in the future
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The U.S. Treasury Department indicated that it plans to spare crypto miners and stakers from rules that would require digital-asset brokers to turn over information on their clients’ transactions to the IRS.
The decision, which was included in a letter sent to a group of senators Friday, is a big initial win for the industry in a battle that’s been brewing since last year when the reporting requirements were enacted as part of the bipartisan infrastructure bill.