| Washington, D.C. – Representative Mike Carey (OH-15) sent a letter to Secretary of the Treasury Janet Yellen and Internal Revenue Service Commissioner Danny Werfel expressing his opposition to the IRS’s controversial expansion of the Digital Assets Sale and Exchanges Rule, also known as the “Broker Rule.” In the Infrastructure Investment and Jobs Act, Congress directed the IRS to establish a clear and fair reporting regime for digital asset intermediaries which provide broker-equivalent services. This June, the IRS finalized the Broker Rule for digital asset intermediaries, fulfilling its directive. However, recent reports from the Department of Treasury’s Office of Tax Policy indicate that the IRS intends to expand the scope of the rule to apply to self-custodial wallet providers and software developers. Carey, a member of the House Ways and Means Committee, emphasized that it was “inappropriate to impose consumer and technology regulatory policy through the tax code” and argued that by expanding the scope of the final Broker Rule, the IRS would be exceeding its statutory authority while impairing its ability to process tax returns in a timely manner. Read the full letter here. |
WATCH: Congressman Carey honors late Rep. Dave Hobson on the House Floor
On Tuesday, Congressman Mike Carey (OH-15) honored late Ohio Representative Dave Hobson with a moment of silence on...