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Crypto industry and lawmakers continue efforts to change digital asset reporting requirements passed under Infrastructure Act

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On November 15, President Biden signed the more than USD 1 trillion Infrastructure Investment and Jobs Act (the Infrastructure Act) into law. Despite substantial criticism and various attempts to amend the bill while it was under debate in Congress, the Infrastructure Act includes two changes to provisions of the Internal Revenue Code (Code) that deal with reporting obligations for certain digital assets transactions. Although one of these changes received much more attention than the other.

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Article first published in Bloomberg Tax, December 2021.

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David Zaslowsky chairs the Litigation Department of Baker McKenzie's New York office, and practices in the area of general commercial litigation and arbitration. He is the editor of the Firm's blockchain blog and co-editor of the Firm's International Litigation & Arbitration Newsletter. David has a degree in computer science and has worked on numerous technical-related disputes. He has also worked on many cases involving issues of international litigation, including matters related to the Foreign Sovereign Immunities Act, enforcement of foreign arbitral awards, the Alien Tort Claims Act, forum non conveniens, obtaining discovery in aid of foreign proceedings under 28 U.S.C. Section 1782, and foreign attachments. David has been included for a number of years in the Chambers USA Guide and Chambers Global Guide for his expertise in International Arbitration.

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

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