Alongside a slew of industry experts, Sen. Pat Toomey, who helped draft the amendment, criticized the original proposal for being too broad.
CNBC Tuesday, adding that targeted regulation could ease the complicated—and at times unclear—reporting process for cryptocurrency transactions. “There’s no real reporting or tracking mechanism, and it’s up to [tax professionals] to do a lot of subjective analysis,” he said. Several industry groups, however, came out against the unamended proposal, including the Chamber of Digital Commerce, for language they claimed was too broad and too vague in defining brokers.
the bill's current language could put"unworkable" requirements on bitcoin node runners, developers and miners. A vote is expected by Friday. Senators started debating and voting on amendments to the infrastructure bill Monday evening and will continue to do so over the next few days. On Sunday, Majority Leader Chuck Schumer said it could be"a matter of days" before the process is complete and the chamber sends a final infrastructure bill to the House for approval.
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