The world’s largest cryptocurrency has dropped more than 5% in the past 24 hours as of the time of publication, but it’s year-to-date returns are still up approximately 110%, according to CoinDesk.
One provision in the bill requires brokers to report digital asset transactions, such as bitcoin or ether, to the IRS in the shape of a 1099 form.
However, crypto advocates and other critics have argued that the bill’s definition of who qualifies as a “broker” is too broad, noting the language could potentially target those without customers who wouldn’t have access to the information needed to comply.