The U.S. Treasury Department said it has no plans to consider cryptomainers, stackers and wallet providers as brokers for tax purposes.
“Existing regulations impose brokerage reporting obligations only on market participants engaged in business activities that provide them with access to information about sales of securities by taxpayers,” the letter said.
Because of the passage of the infrastructure bill, the U.S. Internal Revenue Service (IRS) requires brokers to store information about the individuals with whom they trade. This has resulted in rather unclear and vague reporting rules for cryptocurrency market participants.
According to Treasury Assistant Secretary for Legislative Affairs Jonathan Davidson, the Department believes that “ancillary parties who cannot access information useful to the IRS will not be for the reporting requirements for brokers.”
The department also plans to analyze “significant differences” between traditional securities and digital assets.