It has been a while since I have written on this, and probably been awhile since most people have given it much thought. Remember a few months ago when everyone got worried about how the infrastructure bill included some regulations on cryptocurrency. Well, guess what, even though it got some attention and some amendments were proposed, it passed Friday as is.
That’s right, it passed in all its moronic glory as it was originally written. I won’t go back and rehash exactly what is in the bill, I have done that in other writings and plenty of other people have, as well. What I will do is remind you that unlike other tax code violations, violations of 6050I are a felony, and some lawyers have pointed out that, applied to cryptocurrencies and other digital assets like non-fungible tokens (NFTs), the law could be nearly impossible to comply with.
Also, the Treasury Department has yet to explain how it plans to interpret the bill and publish guidance spelling out how businesses or other entities will have to comply with it. So the good news is they are probably not smart enough to actually enact their own regulations.
Have fun thinking about that as the president signs the bill into law after congress passed it late on a Friday in hopes you don’t realize what is happening.
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