'Far Beyond What Congress Ever Intended': Tim Moore Blasts Biden IRS Rules 'That Crush Innovation'

2 days ago

During House floor debate prior to the Congressional recess, Rep. Tim Moore (R-NC) called for the reversal of a Biden Administration IRS rule.

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Transcript

00:00Thank you, Mr. Speaker. Thank you, Mr. Chairman.

00:03I rise today in strong support of House Joint Resolution 25,

00:06which overturns the Biden administration's misguided attempt

00:10to impose unworkable reporting requirements

00:13on the digital asset industry.

00:15In November, the American people sent a very clear message.

00:18They were tired of the far-left policies

00:20of the Biden administration.

00:22They gave President Trump a mandate

00:24to turn our country around.

00:27Despite this clear mandate and warnings

00:29from committees, the Biden administration

00:32pressed forward with partisan midnight rulemaking.

00:35Last December, the Internal Revenue Service

00:38finalized a rule that would require

00:40decentralized platforms to facilitate

00:43digital asset transactions to report user data

00:46to the IRS, user data.

00:49While the Biden administration claimed this rule

00:51was about improving tax compliance,

00:53in reality, it goes far beyond what Congress ever intended.

00:56This rule would place impossible burdens

00:59on software developers,

01:00threaten American leadership in digital asset innovation,

01:03and ultimately drive entrepreneurs

01:05and investors overseas.

01:07We cannot continue the Biden-era policies

01:10that crush innovation

01:11and put American companies at a disadvantage.

01:14That's why I support House Joint Resolution 25,

01:18which repeals this harmful IRS rule

01:20and allows Congress to develop a targeted,

01:23common-sense framework that protects

01:24both consumer privacy and American innovation.

01:28This resolution is backed by over 117 industry leaders,

01:32including the Blockchain Association, Coinbase,

01:35and the Crypto Council for Innovation.

01:37Empowering innovation, empowering innovation,

01:40not stifling it, is key to keeping America competitive.

01:44Mr. Speaker, I urge my colleagues

01:46to stand with American entrepreneurs and innovators

01:49by supporting House Joint Resolution 25.

01:51Thank you, and I yield back.

01:53Gentleman from Missouri Reserve.

'Far Beyond What Congress Ever Intended': Tim Moore Blasts Biden IRS Rules 'That Crush Innovation'

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