According to Foresight News, Patrick McHenry, chairman of the U.S. House Financial Services Committee, said that the proposed digital asset reporting requirements are a continued attack by the Biden administration on the digital asset ecosystem. He emphasized that any proposed rules must be narrow, targeted and clear, and that the Biden administration should stop its efforts to stifle the U.S. digital asset ecosystem and work with Congress to develop clear rules. Previously, the U.S. Treasury Department issued proposed rules for crypto taxation, requiring exchanges to submit annual reports with total revenue starting in 2026.