The Proposal To Regulate Digital Asset Transactions Should Be Struck

The following article was previously published by Tax Notes, and has been republished here with permission.

An overlooked provision in the Senate-approved infrastructure bill1 would dramatically expand the government’s surveillance of Americans’ economic activity and diminish America’s role in developing an important new technology. The amendment to section 6050I of the tax code should be struck when the bill is taken up in the House. If it’s too late for that, it should be promptly repealed.

Beyond its impact on the liberty and dignity of U.S. citizens, the provision targets a misunderstood set of new technologies — broadly, “digital assets” — and it would damage U.S. leadership in finance and technology.

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