The Biden administration on Friday issued proposed regulations to implement a key revenue-raiser from the 2021 infrastructure law that would require additional reporting of cryptocurrency transactions to the IRS.
The infrastructure package initially required the Treasury Department and IRS to finalize the rules by the end of this year, in time to start collecting more revenue as soon as 2024. But a lengthy delay means the initial proposal will be published in the Federal Register this coming Tuesday, triggering a two-month public comment period followed by a hearing on Nov. 7.
That timeline makes it difficult, if not impossible, for the administration to meet the year-end deadline for finalizing the new regulations, which are viewed by backers as critical to policing a largely unregulated sector plagued by tax avoidance.
