US Congress Keeps Crypto-Transaction Tax Reporting Loophole Amendments Intact

The section on tax deduction rules for crypto transactions in the second infrastructure plan, worth $3.5 trillion, has seen no changes. The Ways and Means Committee передал the document to the House Budget Committee for consideration.

expansion of the rules for “wash sale” (wash-sale rule) and “constructive sale” (constructive sale rule) on cryptocurrency transactions.

The Ways and Means Committee is expected to discuss other aspects of the bill.

The House of Representatives is expected to vote on the second infrastructure plan by the end of September. The document will then move to the Senate.

As reported in, sent to the House of Representatives, the first infrastructure funding bill, worth $1 trillion, includes $28 billion in taxes from crypto transactions. The document contains new reporting requirements for industry participants and expands the definition of “broker” in the tax code.

In August, the media reported that the U.S. Treasury does not intend to broadly interpret the definition of “broker” for crypto industry participants, even if the infrastructure plan is adopted unchanged.

Earlier, the Treasury promised to publish tax guidance for crypto companies, clarifying who in the industry qualifies as a broker. 

Previously, Coinbase’s vice president of taxes, Lawrence Zlatkin saw in the infrastructure plan a threat to millions of Americans. The document was also criticised by industry experts and lobbying groups. Joining the campaign were Elon Musk and Jack Dorsey.

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