Chairman of the House Financial Services Committee Patrick McHenry today claimed that the Biden Administration was trying to “kill” the digital asset industry in the U.S. with its new proposal for crypto tax regulations.

McHenry (R-NC) said in a statement Friday that the new proposal was lacking clarity and urged for clearer rules.

Top cryptocurrency exchanges may soon have to report customer information to the Internal Service Revenue (IRS) under the rules proposed by the Biden Administration on Friday.

“The Biden Administration must end its effort to kill the digital asset ecosystem in the U.S. and work with Congress to finally deliver clear rules of the road for this industry,” said McHenry, adding that any “proposed rule must be narrow, tailored, and clear.”

The proposed rules from the U.S. Department of the Treasury and the IRS aim to target crypto investing tax dodgers.

American taxpayers currently owe tax on gains, but this can be a difficult and expensive process. These new rules, Friday’s statement said, make the process easier to “close the tax gap.”

“This is part of a broader e

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Author: Mathew Di Salvo

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