U. S. lawmakers continue to destroy crypto market with new laws
2023.03.07 15:52
U. S. lawmakers continue to destroy crypto market with new laws
By Ray Johnson
Budrigannews.com – According to reports, a group of legislators in the United States intend to reintroduce legislation to modify the reporting requirements for some taxpayers who are involved in crypto transactions.
Punchbowl News reported on March 7 that Representatives Ritchie Torres and Patrick McHenry intend to reintroduce the Keep Innovation in America Act. In an effort to alter the U.S. infrastructure law’s definition of a broker, McHenry was one of the leading voices behind a previous bill that President Joe Biden signed in November 2021.
The deadline for brokers to report digital asset transactions worth more than $10,000 to the Internal Revenue Service would be moved from 2024 to 2026 under a draft of the bill. Brokers would also exclude “miners and validators, hardware and software developers, and protocol developers.”
While the infrastructure bill was being considered in Congress in 2021, some lawmakers attempted to amend the legislation after recognizing potential conflicts. The law has continued to be criticized by many for imposing impossible crypto reporting requirements on individuals and businesses.
According to reports, McHenry and Torres have included provisions in the revised bill that restrict the authority of the United States government to define the term “digital asset.” Punchbowl claims that pro-crypto Representative Darren Soto is one of seven bipartisan House members who have signed on as co-sponsors of the legislation.
According to the draft bill:
Reporting on digital asset transactions must be consistent and accurate. The digital asset industry needs legal and regulatory certainty, and Congress must work to achieve this. Technology and creativity are aided by clear road rules.
At the beginning of the 118th Congress in January, McHenry succeeded Representative Maxine Waters as chair of the House Financial Services Committee. He has helped establish a subcommittee on digital assets, financial technology, and inclusion in his leadership role, which will hold a hearing on March 9.
