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Repeal of Digital Asset Transfer Reporting Requirements (Cryptocurrency)

This bill aims to eliminate the strict new information reporting requirements for digital asset transfers (like cryptocurrencies) that were mandated by the Infrastructure Investment and Jobs Act. If enacted, citizens and businesses dealing with crypto will not have to comply with these complex new reporting obligations to the government. This results in less bureaucratic burden for those trading digital assets.
Key points
Repeals the cryptocurrency transaction reporting mandate introduced by the Infrastructure Act.
Restores previous reporting rules, reducing administrative burdens for digital asset users.
The change directly affects individuals and businesses involved in digital asset transfers (e.g., Bitcoin, Ethereum).
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_S_695
Sponsor: Sen. Cruz, Ted [R-TX]
Process start date: 2023-03-08
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

A bill to repeal the provisions of the Infrastructure Investment and Jobs Act that impose new information reporting requirements with respect to digital asset transfers.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_695.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-03-08.

What are the main provisions?

Key points include:

  • Repeals the cryptocurrency transaction reporting mandate introduced by the Infrastructure Act.
  • Restores previous reporting rules, reducing administrative burdens for digital asset users.
  • The change directly affects individuals and businesses involved in digital asset transfers (e.g., Bitcoin, Ethereum).
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. Cruz, Ted [R-TX].

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 2025-12-27.

CATEGORIES

Taxes Economy