November 5, 2021, the House passed the Infrastructure Investment and Jobs Act (H.R.3684). Section 80603 specifically clarifies reporting requirements as it relates to crypto currencies by modifying U.S. Code, Title 26, §6045 and U.S. Code, Title 26, §6050I. Cryptocurrency exchanges would now report information to both the IRS and to their customers where previously, there were no reporting requirements on cryptocurrency exchanges. Another part of Section 80603 relates to “cash” payments received of more than $10,000. The legislation would make changes to U.S. Code, Title 26, §6050I, the Infrastructure package now classifies a digital asset with a value of $10,000 or more as “cash” that must be reported with IRS Form 8300. These new reporting requirements would not take effect until January 1, 2023. The Infrastructure Investment and Jobs Act is currently still waiting to be signed by the President.