US lawmakers introduce bill to ‘fix’ crypto reporting requirement from infrastructure law

US lawmakers introduce bill to ‘fix’ crypto reporting requirement from infrastructure law

The bill proposes pushing back the mandated reporting requirements to 2026 as well as changing the definition of broker.

A bipartisan group of United States lawmakers has introduced legislation to change the tax reporting requirements that will go into effect due to the recently signed infrastructure bill.

House Representatives Patrick McHenry and Tim Ryan introduced the Keep Innovation in America Act, which would change the definition of a broker as defined in HR 3684, the bipartisan infrastructure bill signed into law by President Joe Biden on Monday. The bill proposes pushing back the mandated reporting requirements — which includes that digital asset transactions worth more than $10,000 must be declared to the Internal Revenue Service — from 2024 to 2026.

In addition, the bill would exempt certain taxpayers from reporting digital asset transactions in cases where they have no reason to know information from wallet holders that would otherwise be required. According to the bill, “miners and validators, hardware and software developers, and protocol developers” are not brokers.

“Consistent and accurate reporting on digital asset transactions is necessary,” states the Keep Innovation in America Act. “Congress must work to bring legal and regulatory certainty to the digital asset industry. Clear rules of the road fosters technology and innovation.”

McHenry added:

“[The law] includes digital asset reporting requirements that threaten to push innovators and entrepreneurs overseas. […] We can fix these poorly constructed standards and ensure they are compatible with how this new technology actually works.”

The proposed legislation already has the support of Representatives Kevin Brady, Ro Khanna, Tom Emmer, Eric Swalwell, Warren Davidson, Darren Soto, Anthony Gonzalez and Ted Budd, in addition to crypto advocacy groups including Coin Center and the Blockchain Association. However, certain senators have been attempting to create their own legislative path to amend the crypto language in the infrastructure law, with a proposal from Ron Wyden and Cynthia Lummis, as well as a separate bill from Ted Cruz, introduced this week.

The introduction of the Keep Innovation in America Act follows a group of Democratic lawmakers signing their names to a Tuesday letter for House Speaker Nancy Pelosi. The letter similarly urges revisions to the definition of a broker in the infrastructure law, raising concerns over the effect on the U.S. market and how the country will keep up with technological innovation.

Related: US lawmakers urge CFTC and SEC to form joint working group on digital assets

On Wednesday, a bipartisan group of lawmakers met at a hearing of the Joint Economic Committee to discuss the role of digital assets in government. Tim Massad, former chair of the Commodity Futures Trading Commission, said at the gathering that the U.S. could introduce a central bank digital currency as one possible solution for improving the country’s payments systems.

  • Bitcoin
  • Ethereum
  • Tether
  • Cardano
  • Polkadot
  • Binance coin
  • Dogecoin
Scan to Donate Bitcoin to 194astnfvj2nr6izGJFwG9ebRqNU7ynQYY

Donate Bitcoin to this address

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xe5853a1d08b3ea0bb69276b0e40cdf858968d822

Donate Ethereum to this address

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Tether to 0xe5853a1d08b3ea0bb69276b0e40cdf858968d822

Donate Tether to this address

Scan the QR code or copy the address below into your wallet to send some Tether

Scan to Donate Cardano to DdzFFzCqrhsu1xWeeGai3gbgsbrFP26zPaVrCJqqF286carQJmAkTitRQSUCLhYLpKCotroRRNpKj7YcnAJQqpSfsHHdj8nUaitPvH4j

Donate Cardano to this address

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Polkadot to 155rGKVEanCxpi5EqGh8yh1AkGpm6bVUa7RQNydA38KzbhNu

Donate Polkadot to this address

Scan the QR code or copy the address below into your wallet to send some Polkadot

Scan to Donate Binance coin to bnb136ns6lfw4zs5hg4n85vdthaad7hq5m4gtkgf23

Donate Binance coin to this address

Scan the QR code or copy the address below into your wallet to send some Binance coin

Tag/Note:- 105346725
Scan to Donate Dogecoin to DKN9sscVgSBVyG7f9PYJq2D3BhWK5ffUmK

Donate Dogecoin to this address

Scan the QR code or copy the address below into your wallet to send some Dogecoin


Credit: Source Link

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy
WP Twitter Auto Publish Powered By : XYZScripts.com