Lawmakers introduce bipartisan bill to address crypto tax reporting requirement
Summary
Though lawmakers attempted to include a fix to the perceived issue prior to the infrastructure bills passage, an amendment was blocked by Sen. Richard Shelby, R-Ala., for what he said was an unrelated reason. Trade groups representing the cryptocurrency industry warned of the uncertainty the new tax reporting requirement would create without more specific language. Some crypto advocates warned it would push the industry to other countries to avoid the complicated rules in fear that they unwittingly fail to comply. "We applaud Congressman McHenrys bipartisan efforts to clarify the overly-broad and unclear language targeting crypto in the infrastructure bill," Blockchain Association CEO Kristin Smith said in a statement. "This legislation will protect innovation in the United States and strengthen our status as a leader in blockchain technology," Perianne Boring, founder and CEO of the Chamber of Digital Commerce, said.