Express
The Amendment To The Infrastructure Bill Submitted By Senators Want Miners, Developers, And Node Operators Be Exempt From Broker Tax Reporting Requirements
Summary: US Senators Ron Wyden (D-Ore.) and Cynthia Lummis (R-Wyo.) announced an amendment on Wednesday, hoping to ensure that miners, node operators, developers, and other non-custodial crypto industry participants are exempt from the crypto tax reporting clause in the new infrastructure bill. The amendment reads: "Nothing in this section … shall be construed to create any ...
US Senators Ron Wyden (D-Ore.) and Cynthia Lummis (R-Wyo.) announced an amendment on Wednesday, hoping to ensure that miners, node operators, developers, and other non-custodial crypto industry participants are exempt from the crypto tax reporting clause in the new infrastructure bill.
The amendment reads: "Nothing in this section … shall be construed to create any inference that a person described in [the bill] includes any person solely engaged in the business of (A) validating distributed ledger transactions, (B) selling hardware or software for which the sole function is to permit a person to control private keys … or (C) developing digital assets or their corresponding protocols for use by other persons, such that such other persons are not customers of the person developing such assets or protocols."
The amendment also includes a provision that the section on crypto brokers will not modify the Securities Act of 1933 or the Securities Exchange Act of 1934, two laws that mainly regulate the federal securities market. Lummis said in a statement that the amendment is the first step in integrating cryptocurrencies with the current U.S. economy, although "more work needs to be done."
By Mary Liu
Tags: Crypto Taxes,Infrastructure Bill,Miners,senators
Link: The Amendment To The Infrastructure Bill Submitted By Senators Want Miners, Developers, And Node Operators Be Exempt From Broker Tax Reporting Requirements [Copy]
