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POSA Says Another Clause In The Infrastructure Act May Impose New Reporting Requirements On Peer-To-Peer Crypto Transactions
Summary: A report issued by the Proof of Stake Alliance (POSA), a crypto lobby group, said on Friday that another provision in the Senate Infrastructure Act may impose new monitoring and reporting requirements on peer-to-peer crypto transactions. Unlike other tax law reporting violations, violation of this provision (Section 6050I of the Tax Law) is a felony. ...
A report issued by the Proof of Stake Alliance (POSA), a crypto lobby group, said on Friday that another provision in the Senate Infrastructure Act may impose new monitoring and reporting requirements on peer-to-peer crypto transactions.
Unlike other tax law reporting violations, violation of this provision (Section 6050I of the Tax Law) is a felony.
The law requires the recipient to verify the sender’s personal information and record his social security number, the nature of the transaction, and other information, and report the transaction to the government within 15 days.
POSA called for the removal of the reporting task from the Infrastructure Act, calling it intrusive and too broad. The author of the report and an adjunct professor at the University of Virginia School of Law, Abe Sutherland, said that applying this clause to digital assets (including cryptocurrencies and NFTs) is almost impractical.
BY Mary Liu
Tags: Crypto,POSA
Link: POSA Says Another Clause In The Infrastructure Act May Impose New Reporting Requirements On Peer-To-Peer Crypto Transactions [Copy]
