Several American lawmakers have expressed concerns about the proposed taxation scheme for digital assets in a letter to the U.S. Treasury. They argue that the current rules could stifle innovation and harm the digital asset ecosystem. The lawmakers specifically highlight the expansion of the term “broker” to include DeFi services, which could require these platforms to file duplicate tax reports. They also raise concerns about the broad definition of “digital asset,” which could encompass NFTs and stablecoins, potentially leading to regulatory complications. The lawmakers call for an extension of the comment period and implementation deadline. The bipartisan letter was signed by nine lawmakers, including Chairman of the House Financial Services Committee Patrick McHenry. The debate on digital asset taxation has been ongoing, with some lawmakers criticizing the proposed rules while others push for faster implementation.

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Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	1
People	Warren Davidson, Patrick McHenry, Ritchie Torres, Tom Emmer, Eric Swalwell
Companies	Treasury, DeFi platforms, House Financial Services Committee, Biden administration, Hamas
Currencies	None
Securities	None