10 US Congressmen ask the Speaker of the House of Representatives to support the new change in crypto regulation

Ten members of the United States House of Representatives have come together to write a letter to House Speaker Nancy Pelosi to address the issue of cryptocurrency determination in the $ 1 trillion bipartisan infrastructure bill announced by President Donald Trump. President Joe Biden signed it this week.

US House of Representatives Spokeswoman – Nancy Pelosi

The letter was signed by Reps Darren Soto, Ro Khanna, Stacey Plaskett, Eric Swalwell, Tim Ryan, Susan Wild, Marc Veasey, Jake Auchincloss, Al Lawson, and Charlie Crist.

“We are writing to express our concerns about the digital asset delivery (Section 80603) of HR 3684, the Employment and Infrastructure Investment Act, also known as the Infrastructure Framework. Two-party class (BIF). While she and we in both chambers work on “Build Back Better,” we need to ensure adequate taxation and regulation of the crypto industry, “the letter reads. demonstrate.

The letter stresses that “those who make profits in the cryptocurrency market should pay their fair share of the taxes,” the letter urges regulators to also “ensure that this innovative technology does not make criminals easier” our laws and regulations anymore to bypass “, they continued:

“However, the BIF would increase uncertainty in the crypto industry while hindering efforts by the Internal Revenue Service (IRS) to adequately tax cryptocurrencies and undermining our country’s competitive advantage over other countries in the digital asset market.” .

“We need to have solid regulation of cryptocurrencies, but this law shouldn’t cripple the industry when it comes to enforcement.”

The letter further addresses the question of the definition of the term “broker” in infrastructure law.

“As drafted today, the regulation will cover miners and validators, as well as hardware and software wallet manufacturers who are not involved in trading activities and are outside the scope of brokerage services. Additionally, many of the companies included in this extension do not have the ability to access personal or client information that brokers must report to the IRS. ”

Lawmakers added that “well-crafted regulations encourage innovation and American ingenuity,” stating:

“We therefore ask you to consider a roadmap to address the issue of the offering of BIF digital assets in future laws and in the ongoing discussions surrounding this regulation.”

“Your support will help ensure that BIF validators, wallet providers, and others unable to choke, don’t choke,” the letter concludes.

Last week, Senators Cynthia Lummis and Ron Wyden tabled a bill to change the definition of a broker in the cryptocurrency provision of the Infrastructure Act. In addition, Senator Ted Cruz has submitted his own bill to completely deregulate cryptocurrency. The provisions of the Infrastructure Act will initially only come into force on January 1, 2023.

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