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Crypto Brokers Face Redefinition Under Proposed U.S. House Bill

Nov. 18, 2021, 10:00 AM

A bipartisan group of House lawmakers wants to alter how the government defines who counts as brokers of crypto assets, less than a week after the current designation became law.

Cryptocurrency transactions totaling $10,000 or more would no longer be treated as similar to cash for tax reporting purposes, though sales would continue to be taxed as capital gains.

The bill, sponsored by Representatives Patrick McHenry, a North Carolina Republican, and Tim Ryan, an Ohio Democrat, would exclude hardware and software developers, as well as miners who validate crypto transactions through the blockchain.

In a statement McHenry, the ...