The chairman of the House Financial Services Committee expressed strong dissatisfaction with the Treasury Department and IRS regarding the regulations on digital asset reporting requirements

ChainCatcher News, U.S. House Financial Services Committee Chairman Patrick McHenry issued a statement expressing strong dissatisfaction with the proposed regulations regarding digital asset reporting requirements under the Infrastructure Investment and Jobs Act released by the U.S. Department of the Treasury and the Internal Revenue Service (IRS).

Chairman McHenry stated, "This proposed regulation on digital asset reporting requirements is yet another front in the Biden administration's ongoing assault on the digital asset ecosystem."

He emphasized that while the delayed effective date and exemptions for other activities in the proposed regulations align with his bipartisan bill, the "Keeping American Innovation Act," there are multiple shortcomings in other respects.

Chairman McHenry urged the Biden administration to end its efforts to suppress the U.S. digital asset ecosystem and to work with Congress to provide clear rules for the industry. He also expressed his anticipation of advancing his bipartisan solution—the "Keeping American Innovation Act"—to amend these misleading reporting requirements, protect the privacy of market participants, and ensure the U.S. digital asset ecosystem can thrive.