As the heavily debated infrastructure bill makes its way through Congress, proponents of cryptocurrencies are speaking up in the U.S. House of Representatives in an effort to combat controversial crypto legislation.
The unmodified bill imposes requirements on crypto exchanges and other entities to report transactions to the Internal Revenue Service (IRS) for tax-reporting purposes, which are structured similarly to the guidelines placed on traditional financial brokers.
[adinserter block="1"]Crypto-friendly congressmen and industry proponents argue that the new regulations set on these crypto entities would severely stunt technological innovation within the US. They also say it would present unreasonable requirements for validators, cryptocurrency miners and digital wallet developers that don’t know who their buyers and sellers are.
House Democrats from California, including Representatives Ro Khanna, Eric Swalwell and Anna Eshoo are locking arms with Representatives Bill Foster (D-IL) and Darren Soto (D-FL) to support revisions to the crypto amendments.
In an interview with Politico, representative Soto says he is confident that House members are becoming more supportive of the bill’s revision.
“Members are starting to pay attention. There is growing bipartisan support to make sure this language is right.”
The Biden administration is reportedly gearing up to follow through with the original bill, as officials believe it gives them more flexibility to monitor the crypto industry.
Eshoo urged House Speaker Nancy Pelosi to address the “unworkable regulations” set forth in the original bill. An unnamed House leadership aide said that Pelosi plans on reviewing the bill’s language surrounding crypto.
Soto says that pro-crypto congressmen will try to use “every avenue” to rework the tax rules, whether through the Democrats’ $3.5-trillion budget package or through standalone legislation.
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Featured Image: Shutterstock/Jorge Salcedo
