US lawmakers introduce bill to ‘fix’ crypto reporting requirement

A bipartisan group of United States lawmakers has introduced legislation to change the tax reporting requirements that will go into effect due to the recently signed infrastructure bill.

House Representatives Patrick McHenry and Tim Ryan introduced the Keep Innovation in America Act, which would change the definition of a broker as defined in HR 3684, the bipartisan infrastructure bill signed into law by President Joe Biden on Monday. The bill proposes pushing back the mandated reporting requirements — which includes that digital asset transactions worth more than $10,000 must be declared to the Internal Revenue Service — from 2024 to 2026.