According to a Tuesday report by Punchbowl news, US lawmakers are looking to reintroduce a crypto tax bill in order to reshape how crypto is treated for tax purposes.
The bill, sponsored by a group of bipartisan lawmakers namely US Rep. Patrick McHenry (R-N.C.) and Ritchie Torres (D-N.Y.) is narrowing the definition of a crypto “broker” for tax purposes to “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,’’ according to a draft document of the bill.
Legislators are looking to present this reform because they opined that the current reporting requirements for companies are dousing the innovation in the crypto industry.
“The reporting requirements under current law require digital asset market participants to adhere to standards that are incompatible with this technology’s operation,” the bill said. “This will hinder the development of digital assets and its underlying technology in the United States, shifting its development outside the United States.”
The bill (Keep Innovation in America Act) which was first proposed back in 2021 furthered that miners and validators, hardware and software developers do not have reason to collect the information required under the Infrastructure Investment and Jobs Act.
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