U.S Lawmakers Introduced Bill to Amend Crypto- Related Provisions

November 19, 2021

Bitcoin Declined Below $60K,


A bipartisan group of U.S. lawmakers have introduced a bill to revise the crypto-related provisions in the bipartisan infrastructure bill endorsed into law recently.


The Keep Innovation in America Act, introduced on Thursday, would revise the definition of a crypto broker included in the Infrastructure Investment and Jobs Act, the bipartisan infrastructure bill passed by both the House of Representatives and Senate recently under the steady gaze of being endorsed into law by U.S. President Joe Biden. The bill likewise tries to alter a provision of the new law that corrects segment 6050I in the duty code, just as address transactions among brokers and non-brokers.


<h2>Bill will Allow Extra Clarity on Scope of Infrastructure Bill</h2>

McHenry, the ranking member on the House Financial Services Committee, said the bill would provide additional clarity on the scope of the infrastructure bill in a statement.


The infrastructure law, first introduced by Senators Rob Portman (R-Ohio) and Kyrsten Sinema (D-Ariz.), among others, contains a provision that seeks to expand the definition of a broker for crypto tax reporting purposes. The provision drew the ire of the crypto industry amid concerns that the definition could include wallet manufacturers or software developers who would be unable to comply with the tax reporting requirements.


<h2>Bill Introduced will Amend Crypto Provisions</h2>

The bill introduced Thursday would modify both of these provisions. Senators Cynthia Lummis and Ron Wyden, who both advocated for narrowing the scope of the broker definition while the Senate was evaluating the original infrastructure bill in August, introduced their own bill to exempt blockchain validators and non-custodial product vendors from the law on Monday.


Representatives Anthony Gonzalez (R-Ohio)Tim Ryan (D-Ohio), Patrick McHenry (R-N.C.), Warren Davidson (R-Ohio), Kevin Brady (R-Texas), Tom Emmer (R-Minn.), Ro Khanna (D-Calif.), Eric Swalwell (D-Calif.), and Ted Budd (R-N.C.) introduced the bill.


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