Hotly debated reporting requirements for crypto exchanges and brokers included in U.S. President Joe Biden’s $1 trillion infrastructure law could face a major delay.
Many in the crypto industry have pushed back against the reporting provision in the infrastructure law, claiming that the law’s definition of “broker” is overly broad, and could theoretically be applied to crypto miners and decentralized protocols.
The back-and-forth over how “broker” will be defined, as well as the challenges of implementing a reporting regime, are likely to blame for the potential delay. However, no final decision has been made on whether the reporting requirements will be delayed or, if they are, how long the delay will last.
Under the law, which was passed by Congress in November, crypto brokers would be required to collect detailed information, including customer names and addresses and capital gains or losses, on customers and their trades.
The collection requirements were initially slated to take...
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