The bipartisan-supported infrastructure bill has a new provision that specifically changes the Tax Code to account for digital asset brokers which include all crypto miners. They will need to file 1099 forms that include their customer data which is impossible due to the nature of crypto transactions. What does this mean? It will be impossible for the brokers to fill out the 1099s and be in violation of the Tax Code and at the IRS' mercy. Essentially it would be impossible to legally mine crypto in the United States of America.
> It will be impossible for the brokers to fill out the 1099s and be in violation of the Tax Code and at the IRS' mercy. Essentially it would be impossible to legally mine crypto in the United States of America.<p>So where are all the miners that were outlawed in China going to go now? Probably not the US if this 'thing' gets passed through.
You are accepting the broadest possible application narrative.<p>The law is ambiguous so that interpretation and enforcement can evolve with a rapidly changing field. As always, the courts will weigh in on this eventually.