In the USA, the much-talked infrastructure law, which includes provisions that impose taxes on cryptocurrencies, was signed and enacted by US President Joe Biden.
Although some US lawmakers wanted the crypto tax regulations to be changed, it went to Biden’s signature without any change in the Parliament.
US lawmakers have introduced a bill they refer to as the “Sustaining Innovation in America” bill to replace the crypto tax provisions in the infrastructure bill enacted by Biden.
The amendment bill was introduced by lawmakers Patrick McHenry, Tim Ryan, Kevin Brady, Ro Khanna, Tom Emmer, Eric Swalwell, Warren Davidson, Anthony Gonzalez and Ted Budd.
McHenry said the infrastructure bill signed by Biden includes a digital asset reporting requirement that threatens to push innovators and entrepreneurs abroad.
“We can fix these poorly constructed standards and ensure they are compatible with how this new technology actually works.”
The proposed amendment bill aims to narrow down the definition of broker, which has been broadened in the infrastructure bill that has been much debated in the crypto industry.
Because the expanded broker definition imposed an obligation to notify the IRS even to wallet manufacturers and software developers who did not comply with tax reporting requirements.
Senators Cynthia Lummis and Ron Wyden also argued that the scope of the broker definition should be narrowed when considering the controversial infrastructure bill in the Senate in August.