The Infrastructure Bill Should Not Target Cryptocurrency (Law360)
If Congress passes the pending infrastructure bill in its current form, any person who receives a digital asset worth $10,000 or more in the course of doing business will be required to gather extensive information about the person who sent the asset, complete a complicated tax form, and transmit everything to the Internal Revenue Service. This mandate could reach anyone who accepts cryptocurrency for goods or services, leaving those who fail to properly complete their paperwork facing ruinous fines and even prison. In addition to being bad policy, this proposed reporting requirement could face a serious constitutional challenge in the federal courts.
In an op-ed published by Law360, Jones Day partner James Burnham describes why imposing it is unnecessary, ill-advised, and possibly unconstitutional.
Reprinted with permission from the October 20, 2021 issue of Law360. © 2003-2021, Portfolio Media, Inc. Further duplication without permission is prohibited. All rights reserved.
Jones Day publications should not be construed as legal advice on any specific facts or circumstances. The contents are intended for general information purposes only and may not be quoted or referred to in any other publication or proceeding without the prior written consent of the Firm, to be given or withheld at our discretion. To request reprint permission for any of our publications, please use our “Contact Us” form, which can be found on our website at www.jonesday.com. The mailing of this publication is not intended to create, and receipt of it does not constitute, an attorney-client relationship. The views set forth herein are the personal views of the authors and do not necessarily reflect those of the Firm.