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McHenry Slams Treasury and IRS Rulemaking on Digital Asset Reporting Requirements
Proposal ignores bipartisan calls for clear rules adhering to Congressional intent
Washington,
August 25, 2023 -
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), released the following statement after the Treasury Department and the Internal Revenue Service (IRS) issued a Notice of Proposed Rulemaking on digital asset reporting requirements from the Infrastructure Investment and Jobs Act.
“The notice of proposed rulemaking on digital asset reporting requirements is another front in the Biden Administration’s ongoing attack on the digital asset ecosystem,” said Chairman McHenry. “Following the passage of the Infrastructure Investment and Jobs Act, numerous lawmakers of both parties made clear that any proposed rule must be narrow, tailored, and clear. I’m glad to see the delayed effective date and exemptions for other activities in the proposed rule mirror my bipartisan bill, the Keep Innovation in America Act. However, it fails on numerous other counts. Any additional rulemakings related to the other sections from the law must adhere to Congressional intent.
“The Biden Administration must end its effort to kill the digital asset ecosystem in the U.S. and work with Congress to finally deliver clear rules of the road for this industry. I look forward to advancing my bipartisan solution—the Keep Innovation in America Act—to fix these misguided reporting requirements, protect the privacy of market participants, and ensure the digital asset ecosystem can flourish here in the U.S.”
Background:
Chairman McHenry is the lead sponsor of H.R. 1414, the Keep Innovation in America Act, alongside Rep. Ritchie Torres (NY-15) and a bipartisan group of colleagues. H.R. 1414 is the bipartisan solution to fix the poorly constructed digital asset reporting provisions in the Infrastructure Investment and Jobs Act, now law (PL 117-58), and provide much needed clarity to technology innovators and entrepreneurs.
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