The Infrastructure Bill Should Not Target Cryptocurrency (Law360)
If Congress passes the pending infrastructure bill in its current form, any person who receives a digital asset worth $10,000 or more in the course of doing business will be required to gather extensive information about the person who sent the asset, complete a complicated tax form, and transmit everything to the Internal Revenue Service. This mandate could reach anyone who accepts cryptocurrency for goods or services, leaving those who fail to properly complete their paperwork facing ruinous fines and even prison. In addition to being bad policy, this proposed reporting requirement could face a serious constitutional challenge in the federal courts.
In an op-ed published by Law360, Jones Day partner James Burnham describes why imposing it is unnecessary, ill-advised, and possibly unconstitutional.
Reprinted with permission from the October 20, 2021 issue of Law360. © 2003-2021, Portfolio Media, Inc. Further duplication without permission is prohibited. All rights reserved.
