Senators File Crypto Broker Amendment to Infrastructure Bill After Industry Backlash

Sens. Ron Wyden, D-Ore.; Pat Toomey, R-Pa.; and Cynthia Lummis, R-Wyo are drafting an amendment to cryptocurrency language in the infrastructure bill which would clarify who qualifies as a “broker”. The current language was criticized by cryptocurrency industry advocates as overly broad and including entities who do not broker digital assets or have customers whose information needs to be reported to the IRS. The amendment would now clarify that non-financial intermediaries such as miners, network validators and other service providers are not subject to the reporting requirement. Read more.

This article was submitted by Bradford Hines, Marion County Prosecutor's Office. If you would like to submit content or write an article for the Tax Section, please email Kara Sikorski at ksikorski@indybar.org.

Subscribe to Tax Section news here!