A couple of lawmakers in the US are preparing to introduce a new bill to clear up the uncertainty about who counts as “middlemen” in the cryptocurrency ecosystem.
In response to the trillion-dollar infrastructure bill, The Law on Keeping Innovation in America The bill was drafted by House of Representatives Patrick McHenry and Tim Ryan.
The infrastructure bill approved by President Joe Biden this Monday, ““Anyone who regularly provides services on behalf of another person so that digital assets can be transferred” puts it as an intermediary.
Institutions considered as intermediaries may be obliged to submit the information of the customers they serve to the National Revenue Service (IRS). The expressions used in the infrastructure design miner and node operator It is thought to create uncertainty for parties that enable transactions such as blockchain to take place at the blockchain level, but do not collect information about the owner of the transaction.
In the new draft law, only “in a way that could affect sales of digital assets to customers as things normally run” It is recommended that individuals be considered as intermediaries.
McHenry, who has signed the bill, regarding the current law, “These poorly established standards can fix and put them in the way this new technology actually works. become eligible We can bring it.” said.
In the draft prepared, digital assets within the scope of the National Income Law cash It is requested that a research and a report be made by the Ministry of the Treasury regarding the inclusion in the definition and the consequences of this.
This article, which was approved together with the infrastructure bill, applies to commercial enterprises. value exceeding $10,000 It obliges to report the transactions to the Department of National Revenue.
Independent of McHenry and Ryan; Senator Ron Wyden and Senator Cynthia Lummis, and separately from them, Senator Ted Cruz submitted their own proposals to change the wording used in the infrastructure bill.