Patrick McHenry, the Chair of the Financial Services Committee of the US House of Representatives, has issued a statement opposing the proposed rules on reporting requirements for digital assets by the Treasury Department and the Internal Revenue Service (IRS). McHenry stated that "the notice of proposed rulemaking on reporting requirements for digital assets is another front in the Biden Administration's ongoing attack on the digital asset ecosystem. After the passage of the Infrastructure Investment and Jobs Act, many legislators from both parties made it clear that any proposed rules must be tailored and clear. I am pleased to see that the proposed rules' delayed effective date and exemptions for other activities reflect the bipartisan legislation, the US Innovation Preservation Act. However, it fails in many other respects, and any other rulemaking related to other parts of the law must comply with Congress's intent. The Biden Administration must stop its efforts to strangle the American digital asset ecosystem and work with Congress to ultimately establish clear rules for the industry. I look forward to advancing my bipartisan solution, the US Innovation Preservation Act, to address these misleading reporting requirements, protect market participants' privacy, and ensure that the digital asset ecosystem can thrive in the United States."