By JAMES LYNCH
Republican Texas Sen. Ted Cruz is reintroducing legislation to repeal a provision from the 2021 bipartisan infrastructure package that expanded reporting requirements for cryptocurrency firms, the Daily Caller has learned.
Crypto firms are mandated by the regulation to collect names, addresses and transactions from users and report them to the Internal Revenue Service (IRS). In the 2021 infrastructure law, the definition of broker was expanded to encompass nearly the entire crypto industry and treats the firms as financial institutions.
“Texas is a hub for jobs and innovation, so it makes sense that the Lone Star State has become a hub for the cryptocurrency community,” Cruz told the Daily Caller. “While most legislators in Washington don’t understand this industry, they’re happy to regulate it without really knowing what it’s about or how it works. This bill would undo one of the hastiest and rashest regulations Congress has passed, and restore some common sense to how crypto companies are regulated.”
Read Full Article Here…(dailycaller.com)
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The government lusts after control of our money so they will have even more control of society. We need more people in government that believe in freedom and the model used to start this country from the beginning.