Rep. Patrick McHenry is urging the Treasury Department to issue clearer digital asset reporting rules as part of last year’s infrastructure bill and delay compliance requirements for the new rules. 

“These provisions were the subject of much debate. Any rulemaking or guidance that fails to appropriately interpret these provisions will damage the privacy of American taxpayers and stifle innovation through rising compliance costs and unnecessary regulatory burdens,” McHenry, the incoming chair of the House Financial Services Committee, wrote in a letter addressed to Treasury Secretary Janet Yellen.

“Given the significance of these issues, Treasury cannot evade the formal rulemaking process by issuing an interpretive final rule or merely issuing guidance,” McHenry wrote.