[nuerow]

So, what's IRC Section 6050I and why was it being purposely omitted by the poster?

Answer:

https://www.irs.gov/government-entities/indian-tribal-govern...

> IRC Section 6050I requires that any person engaged in a trade or business that receives cash in excess of $10,000 in a single transaction or in related transactions must file Form 8300 PDF, Report of Cash Payments Over $10,000 Received in a Trade or Business.

So indeed it's an anti-money laundering provision. No wonder this gets the NFT crowd all riled up. I mean, little cartoon drawings being "bought" for six figures don't just sell themselves, right?

[curryst]

I was curious and that still didn't sound right to me, so I Googled it. It's a more sweeping set of changes, I think still aimed at money laundering.

This seemed like a neutral summary of the changes, though it lacks any analysis on what this means for crypto:

https://taxnews.ey.com/news/2021-1538-senate-passed-infrastr...

[rchaud]

I worked at a remittance firm with a Money Services Business license back in 2008. I remember during the AML (anti money laundering) training that we had to report any transactions >= $10k to FINCEN within 15 days.

We were also trained to look out for 'structuring', where the same individual makes multiple transactions under $10k each, in order to evade those reporting requirements.