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Clarifying Crypto Tax Rules: Protecting Developers and Delaying Reporting Requirements.

This law clarifies the definition of a "broker" in tax law, effectively excluding entities that build cryptocurrency infrastructure, such as miners and software developers, from burdensome reporting requirements. This change aims to protect user privacy and encourage technological innovation in the US. The implementation of broader digital asset reporting rules for actual crypto exchanges is delayed until returns are filed after December 31, 2025.
Key points
Cryptocurrency infrastructure providers (like miners and developers) are excluded from the definition of a tax "broker," relieving them of extensive customer reporting duties.
The effective date for new digital asset transaction reporting requirements for exchanges is postponed until 2026.
Brokers reporting certain digital asset transfers are limited to using only customer information voluntarily provided for legitimate business purposes.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_1414
Sponsor: Rep. McHenry, Patrick T. [R-NC-10]
Process start date: 2023-03-07
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Summarized by: gemini-3-pro-preview
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Keep Innovation in America Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1414.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-03-07.

What are the main provisions?

Key points include:

  • Cryptocurrency infrastructure providers (like miners and developers) are excluded from the definition of a tax "broker," relieving them of extensive customer reporting duties.
  • The effective date for new digital asset transaction reporting requirements for exchanges is postponed until 2026.
  • Brokers reporting certain digital asset transfers are limited to using only customer information voluntarily provided for legitimate business purposes.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. McHenry, Patrick T. [R-NC-10].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Taxes Economy