Ten members of the US House of Representatives called on House Speaker Nancy Pelosi to resolve the issue of the crypto provision in the infrastructure bill. They explained that the current definition of a broker in the bill “would increase uncertainty in the cryptocurrency industry, pick winners and losers … while eroding our country’s competitive advantage over to other countries in the digital asset market “.
10 lawmakers urge House Speaker Pelosi to address crypto provision in infrastructure bill
Ten members of the United States House of Representatives jointly sent a letter to House Speaker Nancy Pelosi regarding the crypto provision in the bipartisan $ 1,000 billion infrastructure bill that President Joe Biden enacted this week.
The letter was signed by Representatives Darren Soto, Ro Khanna, Stacey Plaskett, Eric Swalwell, Tim Ryan, Susan Wild, Marc Veasey, Jake Auchincloss, Al Lawson and Charlie Crist.
“We write to express our concerns about the digital assets provision (section 80603) of HR 3684, the Infrastructure Investments and Jobs Act, also known as the Biparty Infrastructure Framework (BIF).” , begins the letter dated November 15. “As you and our colleagues in both chambers work to ‘build back better’, we must ensure proper taxation and regulation of the cryptocurrency industry,” he said.
Emphasizing that “those who make gains in the cryptocurrency markets should pay their fair share of taxes,” the letter urges regulators to also “ensure that this innovative technology does not make it easier for criminals to bypass our laws and regulations “. It continues:
As written today, however, the BIF would increase uncertainty in the cryptocurrency industry, pick winners and losers, and thwart efforts by the Internal Revenue Service (IRS) to tax accurately. cryptocurrencies, while eroding our country’s competitive advantage over other countries in the digital world. asset market.
Lawmakers emphasized, “We need to have reasonable cryptocurrency regulation, but this legislation should not cripple the industry by doing so.”
The letter explains the problem of defining a “broker” in the infrastructure bill. “As drafted today, the provision would include minors and other validators, as well as manufacturers of software and hardware wallets, who do not engage in commercial activities and go beyond brokerage services,” explains he does. “Additionally, many entities included in this extension do not have the ability to access personal customer information that brokers are required to report to the IRS.”
Lawmakers added, “Well-designed regulations promote American innovation and ingenuity,” adding:
As such, we ask you to consider a path to address the disposition of BIF digital assets in future legislation and during ongoing discussions around this provision.
“Your support will help ensure that BIF does not capture validators, wallet providers and others who lack the capacity to comply,” the letter concludes.
Last week, Senators Cynthia Lummis and Ron Wyden introduced a bill to change the definition of a broker in the crypto provision of the infrastructure bill. In addition, Senator Ted Cruz introduced his own bill to completely repeal the crypto provision. Currently, the requirements of the Infrastructure Bill will not come into effect until January 1, 2023.
Do you think the crypto layout will be changed? Let us know in the comments section below.
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