Framework to Regulate Crypto, Stablecoins Introduced in US Congress
Rep. Don Beyer (D-Va.) said the existing digital asset market structure and regulatory framework are too “ambiguous and dangerous for investors and consumers.”
The Pennsylvania Republican said the definition of a broker is too broad and would affect bitcoin miners, which should be exempt.
A sprawling infrastructure bill is the wrong venue for regulating an industry as complex and systemically important as crypto.
Congress's infrastructure bill may not be great for the U.S. crypto sector, but that there's a tax provision at all shows lawmakers recognize the industry's permanence.
An updated draft of a controversial crypto reporting requirement clarifies that brokers "effectuate" transfers of digital assets, but stops short of explicitly excluding miners or other parties that don't provide customer transactions.
A late addition to the infrastructure bill moving through Congress would impose impossible reporting requirements on miners and wallets.