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The House members want the US treasury secretary to clarify the definition of 'broker' in the Infrastructure Bill
The Infrastructure Bill, which was passed in the year 2021, was aimed to regulate cryptocurrencies but had a number of issues with leaders. The Bill had the term 'broker,' which had unclear meanings as per the entire crypto community.
House Financial Services Committee unsatisfied with the Infrastructure Bill
As per the Infrastructure Bill, the broker term, which was defined for IRS purposes, is "any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person." The scope of this definition hasn't been made clear.Recently, the Bill was passed by both the House and the Senate and signed by President Biden. However, under the Keep Innovation in America Act, US Congressmen, including House Financial Services Committee ranking member Patrick McHenry aimed to fix the issues with the Infrastructure Bill surrounding the unclear definition of the term broker.
So, via a letter, McHenry and 10 other representatives requested Treasury Secretary Janet Yellen to clarify the definition of the word broker in the Infrastructure Bill "to ensure that any future guidance provides the necessary clarity to the digital asset ecosystem."
Narrow the scope of the definition
The Congressmen have urged Yellen to decrease the scope of the term broker in the Infrastructure Bill as it decreases the benefits and functionality of cryptocurrencies and digital payments. The letter stated that "over hasty application of these requirements risks the creation of an unlevel playing field for transactions in digital assets and those required to provide them."Noting that reporting the profits and amount of digital assets is necessary, the Congressmen stated that it is important to ensure that the miners, node operators, software developers, etc., are not faced with extreme circumstances. The letter further stated that:
"As nascent financial technologies develop, we must ensure requirements imposed on the digital asset ecosystem are both crafted and implemented in such a way to ensure the United States remains at the forefront of financial innovation."
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