U.S. Senators Mark Warner (D-Va.) and Kyrsten Sinema (D-Ariz.) on
Saturday updated their amendment modifying a crypto tax reporting provision in
the Senate’s landmark infrastructure bill.
The original amendment, introduced late Thursday, would exclude
cryptocurrency miners who are involved in validating transactions on
distributed ledgers and companies that are selling private key hardware or
software wallets.
An initial updated version would broaden the exemption beyond just
proof-of-work validators, but a second revision appears to only
exempt proof-of-work and proof-of-stake validators.
The Senate is expected to vote on both this amendment, as well as a
directly competing amendment written by Senators Ron Wyden (D-Ore.), Cynthia
Lummis (R-Wyo.) and Pat Toomey (R-Pa.). This amendment would exempt a broader
swath of non-broker entities from the provision.
The current version of the crypto reporting provision in the bill would
broaden the definition of a “broker” to any entity within the cryptocurrency
industry that facilitates the transfer of digital currencies for another
person. Opponents of the provision have said that it
would force miners, hardware and software developers to track transactions of
individuals who are not their direct customers.
Jerry Brito, executive director of crypto advocacy think tank Coin
Center, noted on Twitter that the amendment didn’t include protocol developers.
Early Saturday, the Senate invoked cloture by a tally of 67-27. This is the first procedural step toward passing the bill. By invoking cloture, the Senate is limiting debate on the measure to 30 hours, thus allowing for a final vote by the chamber later Saturday or on Sunday.
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