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Digital Asset Reporting Changes: Who Must Report Transactions?

This bill clarifies who is considered a "broker" for reporting digital asset transactions to the tax authorities. It aims to define reporting obligations for individuals and companies dealing with cryptocurrencies, so citizens understand who is responsible for providing information about their transactions.
Key points
The definition of "broker" has been revised to clearly state who must report digital asset transactions.
Individuals solely validating transactions (e.g., crypto miners) or selling hardware/software for private key management are not considered brokers.
The changes are effective retroactively, as if included in the earlier infrastructure act.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_4751
Sponsor: Sen. Toomey, Patrick [R-PA]
Process start date: 2022-08-03
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

A bill to revise the definition of a broker for purposes of certain reporting requirements with respect to digital asset transfers under the Internal Revenue Code of 1986, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4751.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-08-03.

What are the main provisions?

Key points include:

  • The definition of "broker" has been revised to clearly state who must report digital asset transactions.
  • Individuals solely validating transactions (e.g., crypto miners) or selling hardware/software for private key management are not considered brokers.
  • The changes are effective retroactively, as if included in the earlier infrastructure act.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Toomey, Patrick [R-PA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Economy