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HR1414FEDERALin_committee
High Impact

Keep Innovation in America Act (H.R. 1414)

Original title: Keep Innovation in America Act

February 18, 2025

cryptocurrencytaxationfinancial regulationdigital assetsblockchain

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Where This Stands

Introduced
Committee
Floor Vote
Passed
Signed

Currently in_committee. The next step in the legislative lifecycle is Floor Vote.

Last action
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.Mar 7, 2023

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

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The Frame

What this does

The bill changes the tax reporting obligations for digital asset users and businesses by narrowing the definition of a '' and delaying the implementation of certain reporting rules from the Infrastructure Investment and Jobs Act until after December 31, 2025.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Digital asset brokers

The bill narrows the legal definition of who qualifies as a broker, which determines whether they must comply with specific tax reporting requirements.

Digital asset users

Users may see changes in the type of information they are asked to provide to brokers for tax reporting purposes.

Department of the Treasury

The agency is tasked with conducting a formal study and reporting findings to Congress within one year.

What changed

Current stage: in_committee.

What's next

Floor Vote.

Summary

This bill proposes changes to how digital assets, such as cryptocurrencies, are defined and reported for tax purposes. It aims to clarify which entities qualify as 's' and delays certain reporting requirements until 2025 to better align with the technical nature of blockchain technology.

Key Facts

  • Redefines a 'broker' for tax purposes as a person who, for consideration, stands ready in the ordinary course of business to effect sales of digital assets at the direction of customers.
  • Delays the effective date for new digital asset reporting requirements and tax return filings until after December 31, 2025.
  • Defines 'digital asset' as any digital representation of value recorded on a cryptographically secured distributed ledger.
  • Requires the Secretary of the Treasury to conduct a study on the impact of treating digital assets as 'cash' for specific tax and anti-money laundering laws.
  • Mandates a report to Congress within 365 days of the bill's enactment regarding the study's findings on privacy, innovation, and economic competitiveness.
  • Limits the information brokers must report on digital asset transfers to only what is voluntarily provided by the customer for legitimate business purposes.
  • Reverses certain additions made to section 6050I of the Internal Revenue Code by the Infrastructure Investment and Jobs Act.
  • States that the bill's amendments are not expected to impact revenue estimates previously calculated for the Infrastructure Investment and Jobs Act.

Why It Matters

The bill changes the tax reporting obligations for digital asset users and businesses by narrowing the definition of a '' and delaying the implementation of certain reporting rules from the Infrastructure Investment and Jobs Act until after December 31, 2025.

Frequently Asked Questions

Does this bill change how I pay taxes on my crypto?
The bill clarifies the definition of a and changes reporting requirements for those brokers, but it does not change the fundamental tax liability for individual investors.
When do these new reporting rules take effect?
The bill sets the effective date for the new reporting requirements to after December 31, 2025.
What is the Treasury Department required to study?
The Treasury must study the effects of classifying digital assets as 'cash' for tax and financial crime reporting purposes, specifically looking at privacy, innovation, and economic impact.

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Sponsors

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Regulatory Delay

The bill explicitly pushes back reporting requirements established in the 2021 Infrastructure Act, signaling a legislative pause to allow for better technical alignment.

Infrastructure Investment and Jobs Act

Connected Entities

personRo Khanna“Co-sponsor of the bill.”Map →
personPatrick McHenry“Lead sponsor of the bill in the House of Representatives.”Map →
organizationDepartment of the Treasury“Responsible for conducting a study on digital assets and reporting to Congress.”Map →
personRitchie Torres“Co-sponsor of the bill.”Map →

Analysis Score

0–100
  • Significance75
    How much this matters to a regular citizen
  • Controversy40
    Intensity of disagreement among stakeholders
  • Entertainment10
    Compellingness for a non-policy-wonk reader
  • Buzz50
    Current news / social attention level

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