The Infrastructure Investment and Jobs Act, passed by the US Congress in November 2021, introduced a new provision into the Tax Code. Anyone receiving over $10,000 in cryptocurrency in their trade or business must report the transaction to the Internal Revenue Service (IRS) within 15 days.

This new rule, which took effect on January 1, 2024, requires submitting detailed personal information, including the sender’s name, address, Social Security number, transaction amount, and date, among other requirements.

Coin Center, a cryptocurrency advocacy group, filed a lawsuit against the Treasury Department, challenging the 6050I law constitutionality in June 2022, but the legal process is ongoing. As it stands, the law is in force, and all Americans must comply. It’s a self-executing statute requiring no further regulatory action for enforcement.

Jerry Brito, Executive director at Coin Center, stated in his X account that:

“This is the 6050I law that Coin Center challenged in federal court, and our case is in appeals. Unfortunately, for the time being, there is an obligation to comply – but it’s unclear how one can comply. The existing form for “cash” transactions isn’t applicable, and there are many unanswered questions like, What if you receive funds fr

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Author: Ana Ojeda

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