Senate Should Pass the Wyden-Lummis-Toomey Cryptocurrency Amendment

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The Senate must adopt the bipartisan Wyden-Lummis-Toomey amendment to ensure that the infrastructure package’s cryptocurrency tax reporting provisions do not destroy, rather than help build, a vital part of America’s digital infrastructure. 

The amendment clarifies that cryptocurrency developers and creators such as miners, who for security purposes do not have access to identifying information of individual crypto holders, should not be treated as “brokers” with tax reporting obligations for those whose cryptocurrency accounts they service. Grass-roots efforts from state and local groups to modify the problematic provisions show that cryptocurrency and blockchain entrepreneurs are a vital part of every region’s economy. Congress and regulators should heed this call for crypto respect and strive to foster an atmosphere of permissionless innovations in policies affecting this sector.

Further analysis:

More Than 100 Crypto Ecosystem Stakeholders Support Wyden-Lummis-Toomey Amendment in Infrastructure Bill

Infrastructure Bill Threatens Cryptocurrency Ecosystem: Why Is Crypto Being Targeted With More Tax Reporting Burdens Than Traditional Finance?