White House may exclude miners from IRS reporting rules

  • Elena Klimovich
  • 12:09 Feb 27, 2023
  • 153
White House may exclude miners from IRS reporting rules

Miners in the U.S. are awaiting the outcome of a new version of reporting rules that would require them, as well as other brokers, to refrain from providing data on their clients' transactions. 

There is speculation that the proposal will provide more details about the law, which is 2021 required crypto brokers to collect and provide information about clients: names, addresses, revenue, and capital flows. Stock and bond brokers in the traditional market have the same requirements. 

Miners and stackers who earn income from storing coins on the blockchain argue that it is very difficult, and sometimes nearly impossible, to obtain such information. Because of this, they look forward to changing the rules. One of the heads of CleanSpark, Matthew Schultz, said this in particular. 

We are cautiously optimistic, and waiting for the adoption of the final version of the document. While our company favors regulating digital assets, we insist that liability should be where it makes practical sense. 

In the original law, the concept of "broker" was given rather broadly. This allowed it to be extended to miners, if necessary. In this regard, if the new version is adopted, it will finally secure cryptocurrency mining companies from liability for failure to provide data on customer transactions.

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