As the actively debated infrastructure bill passes Congress, cryptocurrency supporters are speaking in the U.S. House of Representatives to fight the controversial crypto legislation.
The unchanged bill imposes crypto exchanges and other organizations with requirements to report transactions to the IRS (IRS) for tax reporting purposes, which are structured in the same way as guidelines set out for traditional financial brokers.
Crypto-friendly members of Congress and industry advocates argue that the new rules set for these crypto organizations will severely impede technological innovation in the United States. They also say it would create unreasonable conditions for validators, cryptocurrency miners and digital wallet developers who don’t know who their buyers and sellers are.
House Democrats from California, including Reps. Ro Hanna, Eric Swolwell and Anna Ashu, met with Reps. Bill Foster (D-IL) and Darren Soto (D-FL) to decry support for the computer changes.
In an interview with Politico, a spokesman for Soto said he was convinced House members would get more support to review the bill.
“Members are starting to pay attention to this. There is growing support on both sides to make sure the language is correct.”
The Biden administration is reportedly preparing to implement the original bill as officials believe it gives them more flexibility to control the crypto industry.
Ashu urged Speaker Nancy Pelosi to consider the” unenforceable rules” outlined in the original bill. An unnamed aide to the House Administration said Pelosi plans to review the wording of the crypto bill.
Soto says members of Congress who advocate crypto will try to use it” in any way “to revise tax rules, either through a $ 3.5 trillion Democratic budget package or separate legislation.
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