Lawmakers Urge Treasury to Revise Crypto Tax Rules, Say 'Broker' Definition Too Broad
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Bipartisan group of U.S. lawmakers urge Treasury to revise proposed crypto tax rules, saying definition of "broker" is too broad.
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Group backs crypto representatives and lawyers who call proposed taxation scheme "dangerous and improper overreach".
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House Financial Services Committee Chairman Patrick McHenry (R-NC) and Congressman Ritchie Torres (D-N.Y) lead effort.
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Lawmakers say proposed rule could prevent large part of crypto ecosystem from existing in U.S.
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Major sticking point is how proposal captures hosted wallet providers, payment processors and DeFi entities as "brokers".