US Lawmakers Seek Change in Infrastructure Bill to Protect Cryptocurrency Investors
Cryptocurrency reporting requirements in the $1.2 trillion infrastructure bill recently signed into law would be altered under bipartisan legislation announced by the US House Financial Services Committee senior Republican Patrick McHenry on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 18th November, 2021) Cryptocurrency reporting requirements in the $1.2 trillion infrastructure bill recently signed into law would be altered under bipartisan legislation announced by the US House Financial Services Committee senior Republican Patrick McHenry on Thursday.
"It (the infrastructure bill) includes digital asset reporting requirements that threaten to push innovators and entrepreneurs overseas. This would leave the US as a passive observer of a rapidly evolving industry," McHenry said in a press release.
Language in the bill would require crypto brokers to report transactions to the Internal Revenue Service.
However the law's definition of a "broker" is considered overly broad, critics say, because it could be interpreted to include investors who buy and sell cryptocurrencies and other digital assets, even if they have no clients.
In addition to McHenry, cosponsors include Democrats Tim Ryan, Ro Khanna and Eric Swalwell, as well as Republicans Kevin Brady, Tom Emmer, Warren Davidson, Anthony Gonzalez and Ted Budd, according to the release.