The requirement, which will take effect in 2024, requires U.S. taxpayers who receive over $10,000 in cryptocurrency to report the social security numbers and other personal information of the sender. The provision was one of several included in a 2021 infrastructure bill, which also included a controversial crypto tax reporting requirement which applied to brokers. That provision galvanized a massive industry backlash, though it was ultimately unsuccessful.
Source: https://www.coindesk.com/policy/2022/06/11/coin-center-sues-us-treasury-over-unconstitional-tax-reporting-rule/?utm_medium=referral&utm_source=rss&utm_campaign=headlines