Long arm of the law coming for crypto, says unFederalReserve CEO - Yahoo Sports

As US President Joe Biden signed into law the $1tn infrastructure bill, he was also turning up the rhetoric on tax reporting requirements for crypto transactions, claims Howard Krieger, CEO of unFederalReserve.

The bill contains a controversial cryptocurrency tax reporting requirement and was immediately opposed by the digital currency industry, which has in its corner a bipartisan group of senators that still hope to amend the law.

This means that, starting in 2023, cryptocurrency brokers will be required to record transactions, tracking them for customers and the IRS.

Coin Rivet spoke with Krieger, who founded unFederalReserve – a fintech SaaS company that combines software built on blockchain technology and consumer lending experience.

He explained the infamous crypto law, which focuses largely on the crypto handlers and their reporting requirements, is in effect.

“Small groups of Senators and congressional leaders have brought other digital asset regulatory matters up at times, but more directed or targeted legislation is not expected any time soon,” he said.

“Proclamations, comment letters, speeches and other guidance by various regulatory agencies is expected for the foreseeable future while judges are rightly abstaining from being activist in nature on either side of the issue, and are pressing most litigants to settle matters we see in the public domain.

“My hunch is that unless there is an egregious violation of an easily identifiable law, that pattern of deferring judgements and encouraging settlements will continue until State and Federal regulators enact true and meaningful regulation.”

Krieger added there were two big takeaways that crypto investors and institutions will need to incorporate into their business going forward.

“One, traditional reporting requirements for cash transactions of $10,000 or greater, have now expanded to include digital assets,” he explained.

source: https://sports.yahoo.com/long-arm-law-coming-crypto-111425690.html

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