How Taxing Crypto Got Changed by New U.S. Law: QuickTake

Embedded in the infrastructure spending package signed into law by U.S. President Joe Biden was language increasing the tax reporting requirements for cryptocurrency transactions. That change was heavily opposed by the digital currency industry, which has in its corner a bipartisan group of senators that still hopes to amend the law. Regardless, more struggles are ahead as Washington grapples with how Bitcoin and other cryptocurrencies should be regulated and taxed.

1. What did the law change?

Starting in 2023, cryptocurrency brokers such as Coinbase will be required to record transactions, tracking them for customers and the IRS, similar to the ...