Breaking: Ten Members Of Congress Urge Speaker Pelosi To Reverse “Crippling” Digital Asset Provision
Digital Asset Provision: the letter comes just a day after the bill was signed into law.
We stand united to ensure more tax certainty for #cryptocurrency and work with the IRS on key reforms. Together, we will continue to support innovation and protect consumers. pic.twitter.com/xu1Dj2GAqD
— Rep. Darren Soto (@RepDarrenSoto) November 16, 2021
On late Monday afternoon, Democratic Rep. Darren Soto tweeted out a letter featuring the signatures of 10 members of congress. The letter urges Speaker Nancy Pelosi to support reversing the controversial digital asset provision, which is found in the recently passed Infrastructure Investment and Jobs Act.
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- President Joe Biden signed the bill into law yesterday after months of delays.
- Signing off on the letter are Representatives Darren Soto, Ro Khanna, Stacey Plaskett, Eric Swalwell, Tim Ryan, Susan Wild, Marc Veasey, Jake Auchincloss, Al Lawson, and Charlie Crist, who all represent the Democratic party.
- The partisan letter is directed at Democratic House Speaker Nancy Pelosi. Pelosi hasn’t said much publicly on the subject of cryptocurrency. However, she has been pictured meeting with Brian Armstrong, CEO of Coinbase.
- Pelosi represents California’s 12th congressional district, which includes Silicon Valley, where Coinbase was founded.
- The letter points out the need for “reasonable regulation” on the crypto industry, but any regulation should not, “cripple the industry in doing so.”
- Furthermore, the two-page letter focuses on the bill’s overly broad definition of “broker.” Specifically, pointing to the fact that “many of the entities included in the expansion,” like miners, and wallet developers, don’t have access to the customer information that
brokers” are required to provide the IRS. - On the other side of the aisle, Senator Ted Cruz is leading the way, introducing a bill to repeal the controversial provision that threatens the ongoing viability of American digital asset-focused companies. Texas, the state Cruz represents, is fast becoming a hub for crypto.
*A previous version of this article incorrectly referred to the congresspeople signing off on the letter as senators.
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Text source: CryptosRus
