The United States Treasury Department was sued earlier this year by the Industry group Coin Center over the provision. The group called the provision unconstitutional
Until there is better clarity about who is covered by the bill, Rep. Patrick McHenry, the top Republican on the House Committee on Financial Services, has asked the US Treasury Department to delay the implementation of the crypto tax provision in the previous year's Infrastructure Investment and Jobs Act.
Rep. Patrick Henry, who will be the chair of the House Committee on Financial Services when Republicans take over the U.S. House of Representatives when the new Congress takes charge next month, wrote in a letter to Janet Yellen, the Treasury Secretary, asking the provision to not be implemented until it's clear which people will be affected by it.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash