As noted in our prior post featuring an article published in Bloomberg Tax authored by David Zaslowsky and Christopher Murrer, the Digital Asset provisions of the U.S. Infrastructure Bill were subject to harsh criticism by many in the cryptocurrency industry and certain U.S. Congresspersons. Nonetheless, these provisions remained unchanged when the U.S. Infrastructure Bill was signed into law by President Biden on November 15.

The cryptocurrency industry continues efforts to convince Congress that changes or clarifications to the Digital Asset provisions are necessary before the corresponding obligations become effective for the 2023 tax year, as noted in this article published by Quartz Media featuring quotes from Christopher Murrer.

Christopher Murrer was also featured in an article published by CNN on December 6 regarding the practical effects of these Digital Asset provisions for companies offering digital asset exchange services and U.S. taxpayers. Read more here this article by CNN titled: Investing in crypto? What to know about the new tax reporting requirements.

Author

Christopher Murrer is an associate in the International Tax and Wealth Management practice groups of Baker McKenzie Zurich. He joined the Firm after practicing for seven years as a domestic tax and estate planning attorney in New York and Washington, DC.