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The bipartisan bill was introduced to modify the tax provision in the Biden deal.
The Keep Innovation in America Act is meant to clarify the definition of a "broker" in the Infrastructure Investment and Jobs Act that was signed into law on November 15.
Lawmakers and advocates of cryptocurrencies have differing opinions about how to define the term "currencies" in order to determine which companies will fall under the new tax reporting rules.
Even though the tax provisions will take years to take effect, the current language's ambiguity has been a point of contention.
Any person who is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person is defined by the infrastructure package.
Insider reported in August that even though they have no way of collecting that data, cryptocurrencies and software developers would be subject to reporting it. Critics have questioned who will respond to government requests for information if they arise from the use of the technology.
The new bill proposes to redefine a broker to be 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.
The Internal Revenue Code Section 6050i was originally designed as an anti-money laundering measure. Anyone who receives more than $10,000 in digital assets would be required to report their personal information to the IRS within 15 days.
The new House bill came after Senators Ron Wyden and Cynthia Lummis introduced their own bill in August that sought to narrow the scope of the "broker" definition to exclude the tax reporting requirements for software developers.
Business Insider has an original article.
