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Read. Follow. Verify.Keep Innovation in America Act (H.R. 1414)
Last action · March 7, 2023: 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.
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What This Bill Would Do
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.
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 It Would Affect
Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.
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.
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.
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- 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.
Frequently Asked Questions
Does this bill change how I pay taxes on my crypto?
When do these new reporting rules take effect?
What is the Treasury Department required to study?
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News Coverage
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Votes, people, money & the original sourceWhere This Stands
Currently in committee. The next step in the legislative lifecycle is Floor Vote.
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →Full breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
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.
Connected Entities
Sources
www.congress.gov
Analysis Score
0–100- Significance75How much this matters to a regular citizen
- Controversy40Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz50Current news / social attention level
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