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Rep. Tim Ryan has 2 statement(s) about crypto.
"Proud to team up with my Republican colleague @PatrickMcHenry on a bill that puts our innovators and entrepreneurs in the crypto space first. This growing industry gives us a huge opportunity for new jobs and positions the United States as a leader in these emerging technologies."
"Proud to join @PatrickMcHenry in introducing this important legislation.
Blockchains, cryptocurrencies, & decentralized finance may still be new & evolving, but Congress must recognize these technologies are some of the most important innovations to come along in a generation.
We have to figure out how to balance consumer protections and reasonable oversight while simultaneously providing these technologies and companies with the necessary space they need to grow, innovate and democratize the financial sector.
I’m committed to finding that balance, and I believe the this legislation is the best path to get us there.
This legislation, in tandem with the Chinese Government’s recent ban of cryptocurrency transactions, gives us an opening to further enhance our nation's role in the development of innovative blockchain technologies.
Providing clear rules for both consumers and developers of digital assets is essential to taking advantage of this opportunity."
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.