US senators Patrick McHenry and Ritchie Torres called for revising the draft tax rules for cryptocurrencies.
Chairman of the House Financial Services Committee Patrick McHenry and congressmanRitchie Torres In the announcement dated Wednesday, November 10, he requested a revision of the tax rules planned to be applied for cryptocurrencies.
Senators who argued that the current rules were too detailed and unenforceable, said those who agreed with them. A group of 9 members of parliament led. Especially the tax reporting requirement for cryptocurrenciesnot applicable”, while emphasizing that these draft rules should be changed before they become law.
In the announcement, it was stated that such an oppressive set of rules could cast a shadow on the privacy and business ethics of US companies. On the other hand, in the tax rules “cryptocurrency” definition of It was stated that it was very broad in scope and was not based on tangible statements. MPs also noted that the feedback period offered for the bill it’s too short He suggested:
If finalized, the proposed regulation would have an overly broad definition of cryptocurrency “Intermediary” and an inadequate definition of “Cryptocurrency.” Additionally, the unreasonably short comment period on this issue threatens to prevent a large portion of the cryptocurrency ecosystem from continuing to exist in the United States.
The draft tax regulation on cryptocurrencies was proposed last August. About the tax draft since August More than 124,000 feedback came. Public comment period on November 13 it ended.
Patrick McHenry and Ritchie Torres have criticized the US’s attitude towards the cryptocurrency industry many times in the past period. harshly He criticized.