Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise today in support of a Congressional Review Act resolution repealing the last-minute, unfair, and unworkable Biden IRS rule that places a bureaucratic burden on the Americans who own cryptocurrency and the platforms that allow them to own it. Congress gave the IRS clear instructions in the 2021 infrastructure law regarding digital asset reporting. The IRS was given an inch and took a mile, writing a rule that is overly broad and downright sloppy in the process. The rule subjects decentralized finance platforms, or DeFi exchanges, to the same reporting requirements as a centralized bank or traditional securities broker. Under President Biden, the IRS traded congressional intent for a politically motivated mandate. The Biden administration made no secret of its opposition to digital assets and America's leadership in this booming industry. Bureaucrats weaponized every tool in the toolbox, including finalizing this rule at the eleventh hour, crippling the digital asset industry and threatening American leadership and innovation in the process. Approximately one in four Americans own cryptocurrency. This rule puts a huge burden on these regular folks and could discourage participation in the digital asset market altogether. While workers lose, foreign countries win.…”