# Plain Language Summary: Digital Asset Reporting Requirements Repeal

This bill would undo a rule created by the Infrastructure Investment and Jobs Act that requires certain people and businesses to report information about digital asset transfers to the IRS. In simpler terms, it's about removing a requirement to tell the government about cryptocurrency and similar digital asset transactions.

The Infrastructure Act, passed in 2021, included a provision that would have made brokers and other intermediaries report details about digital asset transactions to tax authorities, similar to how they already report stock trades. The idea was to help the IRS track taxable gains and ensure people pay taxes owed on cryptocurrency profits. However, this reporting requirement has been controversial—crypto industry groups and some lawmakers argue it's too broad, technically difficult to implement, and could harm innovation in the digital asset space.

If this bill passes, that reporting requirement would be completely eliminated. This means the IRS would lose a tool to track digital asset transactions for tax purposes. For everyday people who trade cryptocurrency, this could mean less government oversight of those transactions. For the IRS, it means fewer records to help identify people who owe taxes on crypto gains. The practical effect is that digital asset transactions would remain largely invisible to tax authorities, which could make it easier for some people to avoid reporting crypto income, but it also removes a compliance burden for legitimate traders and businesses.

A bill to repeal the provisions of the Infrastructure Investment and Jobs Act that impose new information reporting requirements with respect to digital asset transfers.

Cruz, Ted

 <p>This bill repeals provisions of the Infrastructure Investment and Jobs Act with respect to the definition of<em> broker </em>and reporting requirements for digital assets.</p>