Mike Carey U.S. House of Representatives from Ohio's 15th district | Official U.S. House Headshot
Mike Carey U.S. House of Representatives from Ohio's 15th district | Official U.S. House Headshot
Representative Mike Carey has voiced his opposition to the IRS's expansion of the Digital Assets Sale and Exchanges Rule, commonly referred to as the "Broker Rule." In a letter addressed to Secretary of the Treasury Janet Yellen and IRS Commissioner Danny Werfel, Carey criticized the proposed changes.
The Broker Rule was finalized by the IRS in June as part of the Infrastructure Investment and Jobs Act. The rule was designed to create a reporting framework for digital asset intermediaries offering broker-equivalent services. However, recent developments from the Department of Treasury’s Office of Tax Policy suggest an intention to broaden this rule's application to include self-custodial wallet providers and software developers.
Carey, who serves on the House Ways and Means Committee, stated that expanding the rule's scope would be "inappropriate" and could overstep statutory authority. He further noted that such an expansion might hinder the IRS's capacity to process tax returns efficiently.
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