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The INVEST in America Act H.R. 3684 was passed by the US Senate and because of amendments sent back to the House of Representatives. Among many measures in various sectors, section 80603 of the act includes reporting obligations to the Internal Revenue Service (1) for businesses for transactions in digital assets worth over USD 10'000 and (2) for crypto brokers regarding all their transactions. The definition for broker is "any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person." Amendments trying to reduce the breadth of the broker definition did not pass. The definition for digital asset is: "any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology as specified by the Secretary.’’ The obligations shall take effect after 31 December 2023 but must be approved by the House.
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