US Senators Introduce New Bill That Seeks To Amend Crypto Provision In Infrastructure Package
Senators Lummis and Wyden are trying to clean up the latest mess in Washington, this one concerning the crypto provision in the newly signed infrastructure bill:
US Senators Introduce New Bill That Seeks To Amend Crypto Provision in Newly Signed Infrastructure Package
The proposed amendment intends “to revise the rules of construction applicable to information reporting requirements imposed on brokers with respect to digital assets, and for other purposes.”
As a press release from Sen. Lummis explains,
“Under current law, those who are involved in digital asset mining or staking, providing digital asset hardware or software wallets, or developing digital asset protocols may fall under the definition of ‘broker’ for tax purposes and would be subject to certain Internal Revenue Service (IRS) reporting requirements.
The senators’ bill would clarify that the ‘broker’ definition excludes miners and stakers, as well as wallet providers and developers, and would ensure that only those digital asset intermediaries that actually have access to material customer information are required to report to the IRS.”
Senator Wyden says it is “critically important to protect innovation in the digital asset space.”