Crypto Broker Clarification Sought by Senators From Yellen

A bipartisan group of senators asked the Treasury Department to clarify the definition of a cryptocurrency broker before the end of 2021, and say they are prepared to act through legislation if the department does so quickly.

• In a letter dated Tuesday, the six senators -- four Republicans and two Democrats -- asked Treasury Secretary Janet Yellen to issue tax reporting guidance that would, “only cover brokers who enable the transfer of digital assets for consideration—and not other parties which are ancillary to the process unless they are serving in an additional capacity as brokers.”
• NOTE: The bipartisan infrastructure package ...