Software developers and stackers will also be exempted from tax reporting requirements

The U.S. Department of the Treasury in response to the appeal of senators sent them a letter in which they announced plans to exempt cryptocurrency miners, stackers and software developers from the need to report to the U.S. Internal Revenue Service (IRS). This was announced on Twitter by Ohio Republican Senator Rob Portman. The paper said that ancillary parties that cannot access information useful to the IRS are not subject to reporting requirements for brokers.

“Thank you to the Treasury Department for confirming that miners, stackers, and those who sell wallet hardware and software are not subject to tax reporting,” Portman wrote.

In November 2021, U.S. President Joe Biden signed into law a bill to fund infrastructure projects worth about $1.2 trillion. The document also introduces rules for cryptocurrency brokers and operators to report any transactions in digital assets worth more than $10,000 to the IRS.

The law was met with criticism from many senators. For example, Senator Pat Toomey called the law “too expensive and too dangerous for the innovative cryptocurrency economy.” According to Toomey, the requirement to notify the IRS about cryptocurrency transactions worth more than $10,000 is unworkable.