Coinbase CEO Brian Armstrong has lauded U.S. lawmakers’ decision to revive a bill seeking to clarify crypto tax reporting.

Bill to streamline crypto asset reporting requirements

The Keep Innovation in America Act is a bipartisan bill introduced in March 2021 that Reps. Patrick McHenry and Ritchie Torres have revived to address digital asset reporting requirements.

According to the Coinbase CEO, the bill will clarify crypto tax reporting, muddled by president Joe Biden’s Infrastructure Investment and Jobs Act.

Biden’s act gave an overly broad definition of crypto asset brokers and provided “poorly constructed” reporting requirements for digital assets.

Its reporting requirements attempt to fit the existing cost-basis reporting framework for traditional financial markets to crypto assets without considering the difference between the two ecosystems.

McHenry and Torres’ newly revived bill comes against a backdrop of heightened regulatory scrutiny on cryptocurrency, threatening to push innovat

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Author: Julius Mutunkei

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