Expert on Tax Reporting for Crypto

One sticking point in the bipartisan infrastructure bill was the introduction of new tax reporting requirements for “brokers” in the crypto space. A group of senators argued the original definition of “brokers” was too broad and would burden businesses and stifle their ability to innovate. The bill aims to raise $28 billion through expanding tax reporting rules for crypto.

After a debate into last night, a number of senators agreed on an amendment with a more specific definition of brokers.

The Senate just voted on adding the amendment. It would have needed every senator’s vote to pass. But Sen. Richard Shelby from Alabama struck down the amendment, which means the original wording will remain.

Jahon Jamali is a managing partner and co-founder of crypto investment firm Sarson Funds. NTD asked, if everything was above board, why were the companies afraid of the regulation?