The US Treasury Proposes Data-Sharing Crypto Rules

by in Cryptocurrency News

US Treasury crypto news

The national treasury of the US proposes to adopt new crypto reporting rules in a $3.5 trillion budget reconciliation bill.

Roll Call, a Washington D.C. website delivering Congress news, posted a report. An administration official whose identity is disclosed told Roll Call the Treasury proposed that crypto exchanges report foreign owners of U.S. accounts.

Thus, the US would be able to share data with global trading associates and raise revenue from U.S. taxpayers trading digital currencies outside the country.

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Earlier this month, another infrastructure bill was passed by the Senate. According to a $1.2 T bill, crypto brokers are required to provide info about their clients to the Internal Revenue Service (IRS).

The bill has been discussed a lot as it doesn't clarify which operators are considered to be brokers. There is mentioned, any person who is responsible and regularly provides any service related to transfers of digital assets on behalf of another party.