In the United States, amendments to mandatory reporting for received cryptocurrency payments in amounts exceeding $10,000 came into force on January 1. The Infrastructure Investment and Jobs Act introducing these changes was signed into law by United States President Joe Biden back in November 2021.
It is noted that recipients of payments must provide information about them to the US Internal Revenue Service. This includes the sender's name, address, and Social Security Number (SSN), as well as the amount, date, and nature of the transaction. Those who fail to file a report within 15 days of the transaction may face criminal charges.
In parallel, the non-governmental organization CoinCenter is trying to challenge the new rule, arguing that “many will find it difficult to comply with an obligation that is considered simple, although unconstitutional.” They give the example of miners who will not be able to indicate the name of the reward sender because it cannot be identified. The same applies to users exchanging cryptocurrencies on decentralized platforms.
CoinCenter's lawsuit against the United States Treasury was filed back in June 2022. No decision has been made yet.
It is noted that recipients of payments must provide information about them to the US Internal Revenue Service. This includes the sender's name, address, and Social Security Number (SSN), as well as the amount, date, and nature of the transaction. Those who fail to file a report within 15 days of the transaction may face criminal charges.
In parallel, the non-governmental organization CoinCenter is trying to challenge the new rule, arguing that “many will find it difficult to comply with an obligation that is considered simple, although unconstitutional.” They give the example of miners who will not be able to indicate the name of the reward sender because it cannot be identified. The same applies to users exchanging cryptocurrencies on decentralized platforms.
CoinCenter's lawsuit against the United States Treasury was filed back in June 2022. No decision has been made yet.
