Legislation not passed. They backed off the $600 number. Likely will be stripped out of the BBB bill and rumor is that may end up being two separate bills. But it's DC so who knows…
That's more of a business tax. Not the personal banking idea.
https://www.fox29.com/news/new-tax-rule-requires-paypal-venmo-cash-app-to-report-annual-business-payments-exceeding-600