Lawmakers introduce bipartisan bill to address crypto tax reporting requirement

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  • A bipartisan group of House representatives introduced a bill Thursday to address a controversial new tax reporting requirement for cryptocurrencies in the Infrastructure Bill.
  • The Keep Innovation Act in the US would define brokers who are bound by tax reporting rules so that software developers without the required customer information are not bound by the new provision.
  • Trade groups representing the cryptocurrency industry warned of the uncertainty the new tax reporting requirement would create without more specific language.

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A bipartisan group of House representatives introduced a bill Thursday to address a controversial new tax reporting requirement for cryptocurrencies in the Infrastructure Bill.

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NS Keep Innovation in America Act, led by Reps Patrick McHenry, RN.C., and Tim Ryan, D-Ohio, will define brokers, who are new to tax reporting rules, so that software developers without the required customer information to report are bound in. There is no new provision.

Although lawmakers attempted to fix the alleged issue prior to passage of the infrastructure bill, an amendment by Sen. Richard Shelby, R-Ala., was blocked because of what he said was an unrelated reason.

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Trade groups representing the cryptocurrency industry warned of the uncertainty the new tax reporting requirement would create without more specific language. Some crypto advocates warned that this would push the industry to other countries to avoid complex regulations for fear that they inadvertently fail to comply.

Those same groups hailed the new bipartisan bill in statements Thursday with the bill’s release.

“We applaud Congressman McHenry’s bipartisan efforts to clarify the overly broad and vague language targeting crypto in the infrastructure bill,” said Kristin Smith, CEO of the Blockchain Association, in a statement.

“This legislation will protect innovation in the United States and strengthen our position as a leader in blockchain technology,” said Chamber of Digital Commerce founder and CEO Perian Boring. She said it takes a necessary step “to protect consumer privacy by undoing the potentially intrusive part of the infrastructure bill that treats crypto users like criminals and allows crypto to engage in regular transactions with private information.” Forces to share.”

Although the language was not changed prior to the passage of the infrastructure bill, industry groups said the debate drew new attention to cryptocurrency in Congress, especially after lawmakers received a flood of calls from their constituents to reform the language. Saw it.

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