10 Congress members ask Nancy Pelosi to help revise the crypto determination in the Infrastructure Act-regulation
10 Congress members ask Nancy Pelosi to help revise the crypto determination in the Infrastructure Act-regulation
Ten MPs from the US representative house have asked the spokeswoman for the House of Representatives Nancy Pelosi to address the problem with the crypto provision in the infrastructure law. They explained that the current definition of a broker in the draft law "would increase uncertainty in the cryptocurrency industry, select the winners and losers ... and at the same time undermine the competitive advantage of our country to other countries on the market for digital asset".
10 legislators ask the spokesman for the Pelosi representative to address crypto determination in the infrastructure law
Ten members of the US House of Representatives have jointly sent a letter to the spokeswoman for the House of Representatives, Nancy Pelosi, about the crypto provision in the cross-party infrastructure law in the amount of $ 1 billion that President Joe Biden signed this week.
The letter was signed by the MP Darren Soto, Ro Khanna, Stacey Plaskett, Eric Swalwell, Tim Ryan, Susan Wild, Marc Vasey, Jake Aschhsinclloss, Al Lawson and Charlie Crist
"We write to express our concerns about the provision of digital assets (section 80603) of the HR 3684, the law on infrastructure investments and jobs, also known as a non -partisan infrastructure framework (BIF)", the letter of November 15 begins. "While you and our colleagues work in both chambers to 'build better', we have to ensure adequate taxation and regulation of the cryptocurrency industry," it says.
The letter emphasizes that "those who make profits on the cryptocurrency markets should pay their fair share of taxes", the letter urges the regulatory authorities to "also ensure that this innovative technology does not make it easier to circumvent our laws and regulations". It continues:
As it is written today, however, the BIF would increase uncertainty in the cryptocurrency industry, select the winners and losers and thwart the efforts of the Internal Revenue Service (IRS) to tax cryptocurrencies, while at the same time the competitive advantage of our country is undermined in the digital area.
The legislator emphasized: "We have to have a reasonable regulation of cryptocurrencies, but this legislation should not paralyze the industry."
The letter continues to explain the problem with the definition of a "broker" in the Infrastructure Act. "As it is designed today, the determination of miners and other validators as well as software and hardware wallet manufacturers would include that do not operate any trading activities and do not fall within the framework of brokerage services," she explains. "In addition, many companies that are included in this expansion have no access to the personal customer information that brokers have to report to the IRS."
The legislator added: "Well -developed regulation promotes innovation and American ingenuity" and explained:
Therefore we ask you to take a way to provide the provision of digital assets of the BIF in future legal provisions and during the ongoing discussions on this provision.
"Your support will help BIF not validators, wallet providers and others who are unable to meet the requirements," says the letter.
Last week, the Senators Cynthia Lummis and Ron Wyden presented a draft law to change the definition of a broker in the crypto determination of the Infrastructure Act. In addition, Senator Ted Cruz has submitted his own bill to Total The crypto determination Call up . Currently, the requirements of the Infrastructure Act will only come into force from January 1, 2023Do you think that the crypto determination is changed? Let us know in the comment area below.
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