Summary: According to the Block, a coalition of US senators have reintroduced a piece of legislation that would clarify reporting requirements for crypto firms set by last year's Infrastructure Investment and Jobs Act. Supported by Senators Pat Toomey (R-Pa.), Mark Warner (D-Va.), Cynthia Lummis (R-Wyo.), Kyrsten Sinema (D-Ariz.) and Rob Portman (R-Ohio), the bill would exclude ...

According to the Block, a coalition of US senators have reintroduced a piece of legislation that would clarify reporting requirements for crypto firms set by last year's Infrastructure Investment and Jobs Act. Supported by Senators Pat Toomey (R-Pa.), Mark Warner (D-Va.), Cynthia Lummis (R-Wyo.), Kyrsten Sinema (D-Ariz.) and Rob Portman (R-Ohio), the bill would exclude miners or other node operators and wallet manufacturers from the definition of a "broker" in a 2021 infrastructure law that imposed new tax reporting requirements on those facilitating crypto transactions.

The passage of the infrastructure bill included a definition for "broker" that could potentially encompass a variety of crypto entities that don't have access to the necessary information and would be unable to comply with the requirements, like miners or wallet providers. The definition was hotly debated by industry players and lawmakers during the passage of the bill. 

By Amy Liu