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Darren Soto

Darren Soto (D)

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Notable statements

Rep. Darren Soto has 13 statement(s) about crypto.

"The 116th Congress has been historic for #crypto & #blockchain! As a Co-Chair of the Congressional Blockchain Caucus & sponsor of several of these bills, I'm proud to foster the policy needed to ensure innovation continues to take shape in our government."

@RepDarrenSoto October 21, 2021 on Twitter

"As #BlockchainCaucus co-chair, I’ve worked for years to develop a #cryptocurrency regulatory framework. This is key to promote innovation & int’l commerce, & protect consumers. Proud that @POTUS Biden’s exec order closely tracks our #DigitalTaxonomyAct."

@RepDarrenSoto March 9, 2022 on Twitter

"Proud to co-lead a bipartisan letter today to SEC Chair @GaryGensler with @RepTomEmmer, @WarrenDavidson, @RepAuchincloss, @RepDonaldsPress, @RepJoshG, @RepTedBudd, & @RepRitchie regarding the SEC’s overburdensome crypto information seeking process."

@RepDarrenSoto March 16, 2022 on Twitter

"The #AmericaCOMPETES Act includes 3 #TeamSoto tech amendments: 🌐Ensures @NEOcityFL is eligible for semiconductor incentive program funds 👩🏽‍💻Directs @USDOL to analyze the future of AI in the U.S. workforce 📊Establishes a #blockchain + #crypto advisor within the president's office"

@RepDarrenSoto February 5, 2022 on Twitter

"I joined @RepTedBudd and @RepTomEmmer to support bipartisan senate amendment to fix #cryptocurrency tax reforms in Bipartisan Infrastructure Package. We will continue to push for American #Crypto innovation!"

@RepDarrenSoto August 5, 2021 on Twitter

"Joined bipartisan Blockchain Caucus co-chairs @RepTomEmmer, @RepBillFoster and @RepDavid in a letter to our House colleagues raising concerns about #cryptocurrency tax reforms in Bipartisan Senate Infrastructure bill."

@RepDarrenSoto August 9, 2021 on Twitter

"Our #blockchain & #cryptocurrency bills with @RepGuthrie & @WarrenDavidson just passed the House as part of @RepMcNerney’s #ConsumerSafetyTechnologyAct. US must remain on the forefront of emerging technologies by fostering innovation & ensuring consumer protection."

@RepDarrenSoto June 22, 2021 on Twitter

"Proud to introduce the Digital Taxonomy Act & Token Taxonomy Act with @WarrenDavidson to establish jurisdictions & definitions for #cryptocurrency. These bills encourage certainty and growth for this exciting new market!"

@RepDarrenSoto April 10, 2019 on Twitter

"Our bills help prevent virtual currency price manipulation & promote American competitiveness in this industry. #BlockChain Caucus colleagues and I are working to ensure America remains a global leader in blockchain tech & all related #crypto issues."

@RepDarrenSoto January 30, 2019 on Twitter

"We stand united to ensure more tax certainty for #cryptocurrency and work with the IRS on key reforms. Together, we will continue to support innovation and protect consumers."

@RepDarrenSoto November 16, 2021 on Twitter

"ICYMI: Our amendment — which passed with the #CHIPSact last week — will ensure @POTUS is well informed on crypto & blockchain issues. With this new cryptocurrencies advisory specialist, the White House will prioritize these important emerging tech sectors!"

@RepDarrenSoto August 3, 2022 on Twitter

"We are living in extraordinary times that have forced us to depend upon digital solutions like never before. The impacts of the Coronavirus are everywhere: from working and teaching remotely to transferring desperately needed funds – the ways in which we engage digitally has only grown. Your agencies are engaged in alleviating the impact of this crisis right now. Blockchain technology is an important resource that the United States must pursue to ensure that we can protect the well-being of our people and ensure economic prosperity. The membership of the Congressional Blockchain Caucus urges your consideration, support, and implementation of utilizing blockchain technology that could greatly mitigate the effects of the Coronavirus. In addition, convening leaders in both the private and public sectors to meet and develop a coordinated strategy to utilize blockchain technology would help facilitate relief to those impacted by this extraordinary threat. The United States must establish and maintain a digital infrastructure that is reliable, accurate, flexible, and secure. There are numerous examples in which blockchain technology can ease the way in which we interact digitally. Among some of the potential solutions blockchain can assist with include identity, supply chains, and registries. First, simply authenticating an individual’s identity to receive necessary funding or supplies could be facilitated securely with digital identity solutions using blockchain technology. The built-in architecture of blockchains enables seamless identification, for example, when receiving government benefits, while its strong encryption protects sensitive data. Managing our crucial supply chains, in which identifying where supplies originate, their transportation routes, arrival times, and inventories are critical for government and consumers alike, from food safety, to pharmaceuticals, to the medical supply chain. The lack of these fundamental supplies has served as a wake-up call across the nation as we continue to struggle to track, reroute, and deliver necessary supplies to those who need them most. Blockchains can even serve as registries for licensed doctors, nurses, and other health care providers to better enable appropriate identification and possible deployment of these skilled resources in times of crisis. Lastly, blockchain can improve the registries of medical professionals and the necessary certifications and licenses during this time. In addition to identity solutions to verify experience and required qualifications, registries of medical professionals as well as needed personal protective equipment (PPE), among others, could improve deployment and efficiencies of critical resources."

Representative Soto & Colleagues letter to President Trump, Director Droegemeier, Director Vought, Secretary Azar, Secretary Ross, Director Redfield, Commissioner Hahn, and Administrator Gaynor, September 2, 2020

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

Crypto bill sponsorship

Rep. Darren Soto has put out 16 crypto bills.

Blockchain Innovation Act

H.R. 3639
Sponsored
Bill pending

This bill requires the Department of Commerce to consult with the Federal Trade Commission and other relevant agencies to study potential applications of blockchain technology (i.e., the technology that supports digital currencies such as Bitcoin), including the use of such technology to address fraud and other unfair or deceptive practices.

Digital Taxonomy Act

H.R. 3638
Sponsored
Bill pending

This bill requires the Federal Trade Commission to report on its efforts to address unfair or deceptive trade practices related to digital tokens (i.e., transferable units of a digital currency).

Cryptocurrency Tax Reform Act

H.R. 5083
Sponsored
Bill pending

This bill modifies the definition of broker for tax reporting purposes to include any person who (for consideration) effectuates transfers of digital assets on behalf of another person. It also treats digital assets (i.e., a digital representation of value that is recorded on a cryptographically secured distributed ledger) as specified securities for reporting purposes.

Cryptocurrency Tax Clarity Act

H.R. 5082
Sponsored
Bill pending

This bill modifies the definition of broker for tax reporting purposes to include any person who (for consideration) effectuates transfers of digital assets on behalf of another person. It also treats digital assets (i.e., a digital representation of value that is recorded on a cryptographically secured distributed ledger) as specified securities for reporting purposes.

Virtual Currency Consumer Protection Act of 2021

H.R. 5100
Sponsored
Bill pending

This bill directs the Commodity Futures Trading Commission to report on the potential for price manipulation in virtual currency markets.

U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2021

H.R. 5101
Sponsored
Bill pending

This bill directs the Commodity Futures Trading Commission to report on virtual currency markets and U.S. competitiveness.

Blockchain Technology Coordination Act of 2021

H.R. 3543
Sponsored
Bill pending

This bill establishes a National Blockchain Technology Coordination Office within the Department of Commerce.

Consumer Safety Technology Act

H.R. 3723
Co-sponsored
Bill pending

This bill requires various agencies to explore the use of emerging technologies in the context of consumer products and safety. First, the Consumer Product Safety Commission must consult with relevant stakeholders, such as data scientists and product manufacturers, and use artificial intelligence in a pilot program for a least one of the following processes: (1) tracking trends in injuries involving consumer products, (2) identifying consumer product hazards, (3) monitoring the sale of recalled consumer products, or (4) identifying consumer products that do not meet specified importation requirements related to product safety.

Additionally, the Department of Commerce must consult with the Federal Trade Commission (FTC) and other relevant agencies to study potential applications of blockchain technology (i.e., the technology that supports digital currencies such as Bitcoin), including the use of such technology to address fraud and other unfair or deceptive practices.

Finally, the FTC must report on its efforts to address unfair or deceptive trade practices related to digital tokens (i.e., transferable units of a digital currency).

National R & D Strategy for Distributed Ledger Technology Act of 2022

H.R. 8065
Co-sponsored
Bill pending

To authorize the development of a national strategy for the research and development of distributed ledger technologies and their applications, to authorize awards to support research on distributed ledger technologies and their applications, and to authorize an applied research project on distributed ledger technologies in commerce.

Securities Clarity Act

H.R. 4451
Co-sponsored
Bill pending

This bill excludes an investment contract asset as being considered a security, including for disclosure and registration purposes. An investment contract asset as defined by the bill is a tangible or intangible asset sold pursuant to an investment contract that is not otherwise considered a security.

Keep Innovation in America Act

H.R. 6006
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.

Token Taxonomy Act

H.R. 1628
Co-sponsored
Bill pending

This bill specifies that digital tokens, such as those used in virtual currencies, are not securities for regulatory purposes. The bill also provides for the tax treatment of virtual currencies, including by excluding from gross income any gains from virtual currency transactions up to $600, retroactive to January 1, 2021.

Digital Commodity Exchange Act of 2022

H.R. 7614
Co-sponsored
Bill pending

This bill allows for the regulation and registration of digital commodity exchanges subject to oversight by the Commodity Futures Trading Commission. The bill establishes the conditions for the sale of digital commodities, the registration of exchanges, and sets forth other requirements.

Financial Technology Protection Act

H.R. 296
Co-sponsored
Bill pending

This bill provides for the investigation of new financial technologies (e.g., digital currencies) and their use in terrorism and other illicit activities.

Specifically, the bill establishes the Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing, which must research terrorist and illicit use of new financial technologies and issue an annual report.

The Department of the Treasury must establish a fund to provide a reward for a person who provides information leading to the conviction of an individual involved with terrorist use of digital currencies.

Additionally, the bill establishes the FinTech Leadership in Innovation and Financial Intelligence Program to support the development of tools and programs to detect terrorist and illicit use of digital currencies.

Virtual Currency Tax Fairness Act of 2022

H.R. 6582
Co-sponsored
Bill pending

This bill excludes from gross income, for income tax purposes, up to $200 of gain from the disposition of virtual currency in a personal transaction. The bill defines virtual currency as a digital representation of value that is used as a medium of exchange and is not otherwise currency.

Blockchain Regulatory Certainty Act

H.R. 5045
Co-sponsored
Bill pending

This bill exempts from certain financial reporting and licensing requirements blockchain developers and providers of blockchain services that do not take control of consumer funds.

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