House members urge US Treasury Secretary to clarify definition of broker in infrastructure law
A bipartisan group of members from the U.S. House of Representatives called on Treasury Secretary Janet Yellen to clarify the language in the infrastructure bill signed into law in November around the definition of "broker."
In a Wednesday letter, House Financial Services Committee ranking member Patrick McHenry and ten other representatives urged Yellen to reference the Keep Innovation in America Act to “ensure that any future guidance" in the November infrastructure bill would provide "the necessary clarity to the digital asset ecosystem." In addition to the reporting requirements, the lawmakers said that the Treasury Department should narrow the scope of the information a broker can capture, as it would risk “the creation of an unlevel playing field for transactions in digital assets and those required to provide them.”
RM @PatrickMcHenry, @RepTimRyan, and colleagues sent a letter to @SecYellen ahead of the expected guidance on new digital asset reporting requirements.They urge her to provide additional clarity to America’s innovators and entrepreneurs. Read more https://t.co/JquRbvVds9 pic.twitter.com/9hXZytbSkX
According to the House members, the current wording of the law would potentially allow the Treasury to interpret which companies and individuals in the crypto space qualify as a “broker,” creating a burden of reporting information to the government they may not necessarily have. This would seemingly require miners, software developers, transaction validators and node operators to report most digital asset transactions worth more than $10,000 to the Internal Revenue Service.
“As nascent financial technologies develop, we must ensure requirements imposed on the digital asset ecosystem are both crafted and
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