What does the infrastructure bill mean for crypto exchanges?

However, the infrastructure bill will require crypto exchanges to send Form 1099-B, a federal tax document used by traditional brokerages, to report an asset’s yearly profit or loss. One copy goes to the IRS, and investors receive the second one to report the activity on their tax return, making it harder for dodgers to bypass the IRS.

How will the $1 trillion infrastructure bill impact cryptocurrency?

Senate deliberations continued over the weekend over a $1 trillion infrastructure bill, with a particular focus on how the bill could impact the world of cryptocurrency. The infrastructure bill, known as HR 3684, allocates money to build roads, bridges, transportation systems, and support clean energy, among other developments.

What are the different types of crypto assets?

This crypto categorization series will offer a closer look at several of these digital assets categories: smart contract platforms, media and entertainment (metaverse), DeFi and infrastructure applications.1 Here we explore infrastructure application protocols.

What is underlying blockchain infrastructure?

Other important, but more technical, aspects of underlying blockchain infrastructure include key management, networking firewalls, and other security considerations. Security maintenance can be performed by deploying updates and patches to the code implementations powering a user's blockchain infrastructure.