Senators Reach Agreement on Potential Cryptocurrency Amendment
Senators pushing rival cryptocurrency amendments for the infrastructure bill announced an agreement Monday on reporting requirements. Sens. Rob Portman, R-Ohio, Mark Warner, D-Va., Pat Toomey, R-Pa., Kyrsten Sinema, D-Ariz., and Cynthia Lummis, R-Wyo., announced a deal for clarifying who will…
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be subject to cryptocurrency tax reporting requirements (see 2108060055). They said they worked with the Treasury Department to “clarify the underlying text and ensure that those who are not acting as brokers will not be subject to the bill’s reporting requirements.” Sen. Ron Wyden, D-Ore., who was working on a separate amendment with Toomey and Lummis, tweeted that they have “been working hard to get a deal. I don’t believe the cryptocurrency amendment language on offer is good enough to protect privacy and security, but it’s certainly better than the underlying bill.” Majority Leader Chuck Schumer, D-N.Y., “says he won’t block a unanimous consent request on it,” Wyden said.