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Senators Introduced A New Bill At The Last Minute To Amend The Crypto Broker Language In The Infrastructure Bill
Summary: According to a report from Bloomberg, U.S. Democratic Senator Ron Wyden and House of Representatives Cynthia Lummis submitted a new bill to amend the tax regulations for crypto brokers in the infrastructure bill, aiming to exclude blockchain validators, non-custodial hardware or software vendors, and protocol developers from the scope of "broker". The US Infrastructure Act ...
According to a report from Bloomberg, U.S. Democratic Senator Ron Wyden and House of Representatives Cynthia Lummis submitted a new bill to amend the tax regulations for crypto brokers in the infrastructure bill, aiming to exclude blockchain validators, non-custodial hardware or software vendors, and protocol developers from the scope of "broker".
The US Infrastructure Act has been approved by Congress and will be signed by President Biden later on Monday.
The bill's broad definition of "brokers" aroused dissatisfaction among the crypto space. The industry believes that "brokers" in the bill may impose tax reporting requirements on miners and wallet developers, not just cryptocurrency exchanges, which will stifle crypto innovation and have a huge adverse impact on the U.S. crypto industry.
By Mary Liu
Tags: broker,Cynthia Lummis,Infrastructure Bill
Link: Senators Introduced A New Bill At The Last Minute To Amend The Crypto Broker Language In The Infrastructure Bill [Copy]
