A bipartisan group of lawmakers moved to narrow a cryptocurrency tax provision in the Senate's infrastructure bill after industry complaints that it was too broad
A bipartisan group of lawmakers on Wednesday moved to narrow a cryptocurrency tax provision in the Senate's infrastructure bill after industry complaints that it was too broad., led by Sens. Ron Wyden , Cynthia Lummis , and Pat Toomey , would narrow the definition of what counts as a broker in the provision to exclude certain crypto groups, including miners, software developers and transaction validators.
Numerous industry groups quickly issued statements supporting the amendment effort, including the Blockchain Association, Coinbase, Coin Center, Ribbit Capital, and Square, as well as the Association for Digital Asset Markets. A spokesperson for Sen. Rob Portman , who helped write the legislation, has argued that it would not force non-brokers, such as software developers and crypto miners, to comply with IRS reporting obligations. A spokesperson for Portman did not immediately provide comment on the proposed amendment.
But crypto advocates have been fighting to revamp the proposal because they said the bill's definition of who counts as a broker was so sweeping that it would sweep in numerous unintended targets, including software engineers. They have also warned the legislation would give the IRS too much authority to demand additional information when people transfer assets out of brokerages.
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