Rep. Patrick McHenry has called on the US Treasury to delay a provision regarding crypto taxes claiming it could “jeopardize” Americans’ privacy and that its definition of a crypto broker is too broad.
The incoming United States House Financial Services Committee chair Patrick McHenry wants the Treasury to delay the implementation of a section of the Infrastructure Investment and Jobs Act that deals with digital assets and tax collection.on Dec. 14 to U.S. Treasury Secretary Janet Yellen with questions and concerns about the scope of Section 80603 of the Act.
The section, called"Information Reporting for Brokers and Digital Assets," requires brokers to report certain information relating to dealing with digital assets to the Internal Revenue Service . The Act contains a provision requiring individuals or entities engaging in a trade or business to report to the IRS any digital asset transactions which exceed $10,000.by Coin Center, a non-profit advocacy group focused on blockchain technology, which filed a lawsuit against the Treasury saying the rule will impose a “mass surveillance” regime on U.S. citizens.
In FebruaryU.S. Senator Rob Portman shared a letter from the U.S. Assistant Secretary for Legislative Affairs, Jonathan Davies viathat clarified that parties such as crypto miners and stakers are not subject to the new legislation.
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Incoming House Financial Services Committee Chair Asks Secretary Yellen to Delay Crypto Tax ProvisionSoon to be chair of the House Financial Services Committee, PatrickMcHenry has asked SecYellen for a delay in implementation in some crypto tax provisions included in last year's Infrastructure Investment and Jobs Act. nikhileshde reports
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