US House of Representatives member Anna Eshoo, in an open letter, asked Speaker Nancy Pelosi to amend the cryptocurrency tax provisions in the infrastructure bill.
US House of Representatives member Anna Eshoo, in an open letter, asked Speaker Nancy Pelosi to amend the cryptocurrency tax provisions in the infrastructure bill.
The congresswoman noted that the definition of "broker" for the cryptocurrency industry in the document is too broad. Not only exchanges or marketplaces for digital assets fall into this category, but also, for example, miners, validators and wallet developers.
"In a decentralised cryptocurrency system, participants do not know who buys and sells assets, and they cannot meet regulatory requirements for brokers," wrote Eshoo.
She recalled that the Senate had worked out a compromise bipartisan amendment to the infrastructure plan, which was supported by Treasury Secretary Janet Yellen. However, changes to the bill did not pass due to procedural problems and the document went to the House of Representatives in its original form.
"I share the goals of the main provision on tax evasion in the cryptocurrency market, but the House should amend it, such as a bipartisan compromise proposal, to achieve this goal without stifling innovation in the fledgling industry by introducing unworkable rules," concluded Anna Eshoo.
As a reminder, the infrastructure funding plan would raise an additional $28 billion in taxes from cryptocurrency transactions.
Experts criticized the bill for its broadened definition of "broker" to include virtually all industry entities.
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