New House Financial Services Committee chair wants to delay crypto tax changes
U.S. Republican Representative Patrick McHenry called for clarification on a “poorly” written digital asset tax provision in a letter to the Treasury. The incoming United States House Financial Services Committee chair Patrick McHenry wants the Treasury to delay the implementation of a section of the Infrastructure Investment and Jobs Act that deals with digital assets and tax collection. McHenry sent a letter on Dec. 14 to U.S. Treasury Secretary Janet Yellen with questions and concerns about the scope of Section 80603 of the Act. In the letter he requested clarification over the “poorly drafted” and potentially privacy-compromising Section that deals with the taxation of digital assets, scheduled to go into effect in 2023. He said the section requires the government to treat digital assets as the equivalent of cash for tax purposes which could “jeopardize” the privacy of Americans and have a negative impact on innovation. The section, called "Information Reporting for Brokers a...