2021-08-07 20:00:33
Treasury Secretary reportedly against amending crypto language in infrastructure bill.
Janet Yellen's position on a "compromise" amendment proposed yesterday is unclear, but she reportedly raised objections to the language on crypto put forth by Senators Wyden, Lummis and Toomey.
On Wednesday, several United States senators proposed an amendment to an infrastructure bill that would clarify language concerning crypto. Even though that proposal seemingly has the support of the White House, U.S. Treasury Secretary Janet Yellen has reportedly come out against the measure.
She lobbied Senator Ron Wyden regarding the changes which, if added to the bill, would exclude certain crypto companies from the reporting requirements for brokers. Wyden is one of three senators behind the amendment with Cynthia Lummis and Pat Toomey.
The original infrastructure bill currently being considered in the Senate, HR 3684, proposes implementing tighter rules on businesses handling cryptocurrencies and expanding reporting requirements for brokers, mandating that digital asset transactions worth more than $10,000 are reported to the Internal Revenue Service, or IRS.
On Thursday, Portman and Senators Mark Warner and Kyrsten Sinema proposed a modified amendment to the infrastructure deal that would exclude proof-of-mining and sellers of hardware and software wallets. However, the language suggests crypto developers and proof-of-stake validators would still be subject to expanded reporting and taxation that some have described as “unworkable.”
Later that day, White House deputy press secretary Andrew Bates said the Biden administration would support the amendment from Warner and Portman, but not the changes proposed by Wyden, Lummis and Toomey. According to Bates, the former “strikes the right balance and makes an important step forward in promoting tax compliance.” Yellen's position on the modified amendment is unclear.
Yellen's position on the modified amendment is unclear. However, she has previously said that the misuse of cryptocurrencies and virtual assets has been a growing problem in the United States.
The role of language used on cryptocurrencies, mining, and blockchain in the infrastructure plan may play a large part on whether the bill passes in the Senate. Lawmakers have yet to resolve the proposed amendments — the most recent “compromise” from Portman and Warner, the original from Wyden, Lummis and Toomey, and one reportedly from Texas Senator Ted Cruz.
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