The U.S. Treasury Department announced on May 20, 2021 a proposal as part of President Biden’s American Families Plan, that would require any cryptocurrency transaction of $10,000 or more to be reported to the Internal Review Service (“IRS”)[1]. The proposed plan would require financial institutions, payment settlement entities, and digital asset exchanges, businesses and custodians to report cryptocurrency transactions of $10,000 or more on all business and personal accounts.
