The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have proposed new tax regulations for the digital assets industry. The proposed regulations would require payment platforms, wallet providers, trading firms, and real estate brokers to file tax information on certain sales or exchange transactions. According to the Treasury Department, the proposed rules, if enacted, would apply to sales and exchanges of crypto assets in 2025 and are estimated to generate about $28 billion worth of revenue for the federal government over a 10-year period.However, the proposal has been met with criticism by Republican Representative Patrick McHenry of North Carolina, the Chairman of the House Financial Services Committee. McHenry believes that the proposal is an attempt by the Biden Administration to crack down on the crypto industry. He has proposed the Keep Innovation in America Act to fix the reporting requirements, protect the privacy of market participants, and ensure the digital asset ecosystem can flourish in the US.

Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	negative
Relevance Score	8
People	Patrick McHenry, Joe Biden
Companies	Internal Revenue Service (IRS), U.S. Department of the Treasury, Infrastructure Investment and Jobs Act, House Financial Services Committee, The Daily Hodl
Currencies	None
Securities	None