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French Hill

French Hill (R)

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Notable statements

Rep. French Hill has 3 statement(s) about crypto.

"The U.S. must have a strategy for this future digital world. I joined @TeamCavuto on @FoxNews this morning to discuss why we need a strategy for consumer transactions in the use of a blockchain and a strategy for preserving the strength of the dollar in a cryptocurrency future."

@RepFrenchHill June 5, 2021 on Twitter

"Glad to join my colleagues on this bipartisan letter to @SecYellen. It's important that we encourage innovation and allow digital asset technologies to flourish by not having an overly broad definition of a crypto "broker" for the purpose of digital asset reporting requirements."

@RepFrenchHill January 27, 2022 on Twitter

"Cryptocurrencies and the open blockchain networks they power embody a true technological revolution that promises greater efficiencies, vibrant innovation, and financial inclusion. We wrote in April of this year urging the issuance of guidance for taxpayers who use cryptocurrencies and we are pleased to see that you have issues guidance and addressed many questions we posed. We are, however, concerned that this recent guidance creates many new questions related to the topics it seek to address, namely forks and airdrops. Moreover, the guidance appears inequitable as it comes almost two years after the Bitcoin and Bitcoin Cash fork and three years after the Ethereum fork. The hypothetical fact patterns concerning forks and airdrops offered in this guidance do not appear to bear a close resemblance to actual forks or airdrops as they have offered in the cryptocurrency ecosystem. Without clear and accurate hypotheticals for taxpayers to measure against, it is difficult to interpret IRS policy as it relates to actual events. In addition to the difficulties with the hypotheticals, the IRS appears to adopt as a standard “dominion and control” over forked or airdropped assets in order to determine when a taxable event occurs. The characterization of this standard in the guidance appears to diverge from established rules in other areas such as the receipt of unsolicited prizes or samples. The guidance appears to suggest that taxpayers may have dominion and control, and this be taxed on forked or airdropped assets when the fork or airdrop occurs, even if the taxpayer has no knowledge, and even if the taxpayer takes no affirmative step, or manifests any intention to claim or access those forked or airdropped tokens. This creates potentially unwarranted tax liability and administrative burdens for users of these important new technologies and would create inqueqitable results. We do not expect this is the intended effect of the guidance, and we urge the IRS to clarify the matter. The guidance also does not contemplate the vast variety of products offered in the cryptocurrency market: futures, retirement accounts invested in crypto assets, adn interest paid on crypto deposits, to name just a few. The IRS needs to provide guidance to taxpayers as to how income related to allc crypto transactions will be treated for tax purposes. In addition, the IRS has failed to provide any clarity for withholding and tax information reporting purposes. Taxpayers rely on forms like 1099 to helo complete their income taxes, and the IRS relies on them to enforce compliance. Since many are either not reporting 1099s at all or are reporting incorrect or incomplete information, it is imperative that the IRS publish clear information in further guidance. Further, we are concerned that the form of the guidance appears to indicate that this is “established” law. We would hope that the IRS recognizes this area as new and developing and will allow for reasonable interpretations in advance of the issuance of the most recent guidance. While we commend the IRS for attempting to issue guidance, we suggest increased work with the industry into the future. As you are likely aware, legislation has been introduced in this Congress to insulate taxpayers from liabilities for forked and airdropped assets until the IRS has provided clarity. We strongly believe that the best path to ensuring tax compliance in the cryptocurrency space is affording users of these technologies what all taxpayers need to deserve: clear statements of the law and thoughtful consideration of the types of enforcement actions that are taken in advance of that clarity. Please provide our offices answers to the following questions to the best of your ability: Does the IRS intend to clarify its airdrop and fork hypotheticals to better match the actual nature of these events within the cryptocurrency ecosystem? When does the IRS anticipate issuing that clarification? Does the IRS intend to clarify its standard for finding dominion and control over forked assets wherein some level of knowledge and actual affirmative steps taken are necessary to find that the taxpayer has dominion and control? Does the IRS intent to apply the current guidance or any future guidance retroactively, or will the IRS issue proposed guidance that is subject to notice and comment? These questions, in particular the first, require clarifications as soon as possible. In spite of the recent guidance, cryptocurrency users continue to lack any meaningful clarity about their tax obligations with respect to forks and airdrops. Ambiguity impedes appropriate tax compliance and unfairly targets taxpayers who may not have the ability to understand the positions the IRS has taken in these matters but who have taken a reasonable position. We hope that the IRS will act consistent with decades-long standards for finding dominion and control in the context of forked assets and require knowledge and affirmative steps to exercise such dominion and control. Lastly, until there is clear guidance that is prospective in nature, we urge the IRS to use its authority for penalty relief in those instances in which taxpayers made a good faith effort to comply."

Representative Hill & Colleagues letter to Charles Retting, Commissioner of the Internal Revenue Service, December 20, 2019

Crypto bill sponsorship

Rep. French Hill has put out 4 crypto bills.

21st Century Dollar Act

H.R. 3506

117th Congress

Sponsored
Bill pending

This bill requires the Department of the Treasury to establish a strategy to facilitate the position of the dollar as the primary global reserve currency.

Treasury must submit a report that includes (1) steps taken to implement this strategy, legislative recommendations, and efforts by major foreign central banks to create an official digital currency; and (2) an evaluation of the role of the renminbi (the official currency of China) in international payments and foreign exchange reserves.

Central Bank Digital Currency Study Act

H.R. 2211

117th Congress

Co-sponsored
Bill pending

This bill requires the Board of Governors of the Federal Reserve System to report on the impacts of the introduction of a central bank digital currency (CBDC) on consumers, businesses, monetary policy, and the U.S. financial system. Several countries are currently developing CBDCs in response to the growth of privately issued digital currencies such as Bitcoin.

Keep Innovation in America Act

H.R. 6006

117th Congress

Co-sponsored
Bill pending

This bill expands the definition of broker, for purposes of tax information reporting, to include any person who (for consideration) stands ready in the ordinary course of a trade or business to effect sales of digital assets at the direction of their customers. It also provides for reporting requirements for digital assets (i.e., any digital representation of value that is recorded on a cryptographically secured distributed ledger).

The bill requires a study and a report on the treatment of digital assets as cash for purposes of reporting requirements for cash payments of more than $10,000.

Global Investment in American Jobs Act of 2021

H.R. 2907

117th Congress

Co-sponsored
Bill pending

This bill requires the Department of Commerce to conduct an interagency review of the global competitiveness of the United States in attracting foreign direct investment and addressing foreign trade barriers that firms in advanced technology sectors face in the global digital economy.

Such review shall include an assessment of (1) the current economic impact of foreign direct investment in the United States, (2) trends in global cross-border investment and data flows, (3) federal government policies that are linked to the ability of the United States to attract and retain foreign direct investment, and (4) the adequacy of federal government efforts to increase the ease for foreign firms considering investment in the United States.

Commerce must report the findings of such review and submit recommendations for increasing the global competitiveness of the United States in attracting foreign direct investment and developing new technologies and services.

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