U.S. Senator: Crypto tax reporting provisions in infrastructure bill help industry development and do not impose new reporting requirements on non-brokers such as miners

According to Chain News, U.S. Senator Rob Portman defended the crypto tax reporting provisions in the U.S. Infrastructure Bill, saying that digital assets such as Bitcoin and other cryptocurrencies are a fast-growing part of the economy, and the corresponding underlying distributed ledger and blockchain technologies have many applications. Congress must prioritize policies that promote innovation and growth in the crypto field, and the crypto tax reporting provisions in the infrastructure bill are committed to achieving this goal. It will standardize the information that crypto "brokers" report to the IRS for tax purposes, making it the same as reporting stock transactions, which will make it easier for people to determine and pay their tax bills.

At the same time, the provision does not impose new reporting requirements on software developers, miners, node operators or other non-brokers. It only requires brokers to comply with standard information reporting obligations, which will provide clarity and legitimacy to the industry and help ensure that the United States remains a global leader in cryptocurrency innovation and development.