Late Sunday evening the U.S. Senate released over 2,000 pages of a new bi-partisan bill. The bill sets the stage for new infrastructure around the ever-growing world of crypto. While on one hand there is little mention of further IRS encroachment, there is also an increase of reporting for crypto exchanges or “brokers.”
The bill is still pending, however given the recent and vocal anti-crypto remarks from high ranking Senator Elizabeth Warren it seems to have support. The proposed laws would come into effect in 2023, which gives ample time for push backs and the crypto community to pivot its needs.
New Rules for Exchanges
So what exactly does this bill entail?