Finally a bill that seeks to amend both the broker definition change, and the felony for not reporting $10k+ transactions, which were passed along with Biden's infrastructure bill

Here's the full PDF of the bill - Keep Innovation in America Act (7 pages)

Analysis from The Block:

Representatives Patrick McHenry (R-NC) and Tim Ryan (D-OH) will introduce a new bill to restrict the IRS definition of digital asset broker

The current infrastructure bill defines a broker as "any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person."

The new bill would change that definition to "any person who (for consideration) stands ready in the ordinary course of a trade or business to effect sales of digital assets at the direction of their customers."

The Keep Innovation in America Act also takes on the infrastructure bill's addition of digital assets to the definition of cash for the purposes of Section 6050I of U.S. tax code, mandating that the Treasury Secretary conduct a study on the impact of that change. Though it received less attention than the broker definition, that provision requires businesses to report cash transactions of over $10,000 to the IRS.