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Crypto Miners Would Get Tax Reporting Reprieve in Senate Bill

  • Software creators would also get exemption from reporting
  • Firms have been seeking to avoid crypto ‘broker’ label
From

Crypto miners and software developers hoping to avoid new Internal Revenue Service reporting rules are getting help from a group of key senators.

Legislation introduced Wednesday by a mix of Republicans and Democrats including Senators Pat Toomey, Cynthia Lummis, Rob Portman, Kyrsten Sinema, and Mark Warner would exempt the firms from being considered crypto “brokers.” Under a 2021 law, the label could trigger requirements to collect information on customers’ capital gains and losses and other transaction data.