United States of America: Introduction of Broker Definition Bill

On 18 November 2021, a bill aiming to restrict the definition of "broker" in the Infrastructure Investment and Jobs Act was introduced. The aim of the bill is to carve out certain actors involved in digital assets, including miners, stakers, wallet providers, and developers from the definition of "broker". This is justified by their not having access to important user information and would exclude them from the reporting obligation to the IRS. Instead, only "digital asset intermediaries" would fall under the definition of "broker".