This Bill is being sent to the President for a final signature, and the changes will be enforced by EOY 2023.įrom the nature of how DeFi and cryptocurrency works, does this mean that cryptocurrency mining will be subject to the same Regulations? Or DeFi, where the protocol doesn't have a Social Security Number but manages to reward stakers a large amount of $ anyway? This is a *felony* violation with jail time involved, should it not be done. This is a reporting requirement for any transactions over $10,000.00 to require a recipient to verify the sender's personal information and Social Security number, etc., and report this to the government within 15 days.
The House has voted with 218 ayes on Friday, amending the definition of 'cash' to include 'all digital assets' for section 6050I of the US tax code.