U.S. Lawmakers to Introduce Crypto Tax Reform Legislation: Report


U.S. members of Congress are reportedly set to reintroduce a bill that will update the taxation of digital assets. According to a report from Punchbowl News on Tuesday.

The Bill, called the Keep Innovation In America Act is co-sponsored by U.S. Rep. Patrick McHenry, R-N.C. and Ritchie Torres (D-N.Y.) and would modify the definition of crypto broker for tax purposes. It states that “any person who (for consideration) stands ready in the ordinary course of a trade or business to effect sales of digital assets at the direction of their customers,’’.

U.S. Representatives are pushing for the reform as they believe the existing reporting requirements for crypto companies are hindering development in the sector. The bill said “The reporting requirements under current law require digital asset market participants to adhere to standards that are incompatible with this technology’s operation. This The development of digital assets and their underlying technology will be hampered in the United StatesChanging its development from outside the United States.”

Miners, validators, software programmers, and hardware developers, for example, would not be obliged to fulfill the information requirements that are part of the Infrastructure Investment Jobs ActThe bill was amended.

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