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United States: Crypto regulations proposed by Treasury

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In brief

On 25 August 2023, the United States Treasury Department issued a notice of proposed rulemaking regarding tax reporting by brokers of transactions involving the sale or exchange of digital assets (“Proposed Regulations“).1 These long-awaited Proposed Regulations are in response to section 80603 of the Infrastructure Investment and Jobs Act of 2021, which expanded the scope of information reporting obligations for brokers under Code section 6045 to cover transfers of digital assets.2

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Young-Eun Choi is a partner in Baker McKenzie's Tax Practice Group in San Francisco. She provides US and international tax planning advice for corporations.

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Reza Nader is a partner based in the New York office of Baker McKenzie and advises multinational companies on US tax matters. Reza is chair of the New York Tax Practice and is also chair of the office's Associate Recruiting Committee. Reza is an active participant at both in-house and external seminars and conferences. He has also served as an adjunct professor of international tax at the Georgetown University Law Center and Fordham University School of Law.

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Taylor Reid is a Tax Partner in Baker McKenzie's Palo Alto office and a member of the Firm's TMT and Fintech industry groups. With 30 years of experience in international tax planning, Taylor has been recognized as a leading U.S. tax advisor by International Tax Review. He is also a frequent speaker and co-author of a number of books and articles on the taxation of software and electronic commerce.

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Marharyta Bahno is an Associate in Baker McKenzie, New York office.

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Amir-Kia Waxman is an associate in Baker McKenzie's Tax Practice Group.

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