US Lawmakers Introduce Bill To Fix Crypto Reporting Requirements Established in Infrastructure Legislation

US Lawmakers Introduce Bill To Fix Crypto Reporting Requirements Established in Infrastructure Legislation


US congressmen are proposing a new bill aiming to fix the digital asset reporting requirements provided for in the Infrastructure Investment and Jobs Act that President Joe Biden recently signed into law.

The $1.2 trillion infrastructure legislation, which will take effect in 2024, includes a clause that amends the definition of “broker” in the tax code to extend the reporting requirements to entities in the crypto industry, including miners and software developers.

The Keep Innovation in America Act, which was introduced by a bipartisan group of legislators on Thursday, aims to modify section 80603 of the infrastructure law that contains the provision on crypto-assets reporting.

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The proponents, Representatives Patrick McHenry (R-N.C.), Ted Budd (R-N.C.), Tom Emmer (R-Minn.), Tim Ryan (D-Ohio), Warren Davidson (R-Ohio), Anthony Gonzalez

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