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August 4, 2021 09:23 pm

Senators Propose Exclusion of Miners, Software Developers in Infrastructure Bill's Crypto 'Broker' Definition

A trio of U.S. senators is proposing a legislative exclusion for crypto companies, including miners and software developers, from a tax reporting provision in a long-in-the-making bipartisan infrastructure bill. From a report: The Wyden-Lummis-Toomey amendment, made public Wednesday, comes days after it first emerged that the trillion-dollar infrastructure bill included language aimed at tightening reporting requirements for "brokers" in the digital asset space. But critics quickly highlighted the vague language used in the provision, which they said could subject companies not involved in the actual brokerage of digital assets to overly burdensome regulation. The push to amend the existing language won some key allies in the Senate in the days that followed, resulting in today's Senate amendment. Over the weekend, Ron Wyden, chairman of the Senate Finance Committee, wrote that the initial language was "an attempt to apply brick and mortar rules to the internet and fails to understand how the technology works." Sen. Rob Portman, a leading author of the infrastructure bill, defended the provision on Thursday, writing on Twitter that "the legislation does not impose new reporting requirements on software developers, crypto miners, node operators or other non-brokers."

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