10 members of the US Congress say current crypto tax rules can kill industry innovation

While the Infrastructure Investment Act has garnered accolades from several key players, the cryptocurrency ecosystem has kicked against a certain provision embedded within the law. A group of lawmakers voices out their frustrations through a letter to the Speaker of the US House of Representatives.

10 Congressmen penned a letter on Monday to Nancy Pelosi, Speaker of the House of Reps to express concern over the wordings of the Bipartisan Infrastructure Framework. The bill that was recently passed by the Senate contained certain provisions that the lawmakers believe could hinder the growth of the burgeoning industry.

“As it is written today, however, the BIF would increase uncertainty in the cryptocurrency industry, pick winners and losers and thwart Internal Revenue Service (IRS) efforts to accurately tax cryptocurrencies, all while eroding our country’s competitive edge against other countries in the digital asset marketplace,” the letter reads. “We must have reasonable regulation on cryptocurrencies, but that legislation should not cripple the industry in doing so.”

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