U.S. Senators and Members of Congress in the House of Representatives have introduced 50 bills that impact the cryptocurrency and blockchain industry.
H.R. 3684 became public law on November 15, 2021, and is required to be implemented in terms of the crypto tax reporting requirements by January 1, 2023. The Infrastructure Investment and Jobs Act provided a definition of digital assets and created a new definition for a ‘broker’ as the IRS would consider someone for purposes of required tax reporting, as, “...any person who is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.
In the House of Representatives, Representative Patrick McHenry sought with the Keep Innovation In America Act to “...expand the definition of broker, for purposes of tax information reporting, to include any person who stands ready in the ordinary course of a trade or business to effect sales of digital assets at the direction of their customers.
Emmer introduced H.R. 6415 in the House, which Cruz introduced as a companion bill in the Senate that limits how the Fed can interact with the American public with respect to any new CBDC that may be introduced. The bill says, “... a Federal reserve bank may not offer products or services directly to an individual, maintain an account on behalf of an individual, or issue a central bank digital currency directly to an individual.
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