{"id":47248,"date":"2021-08-05T12:01:16","date_gmt":"2021-08-05T09:01:16","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=47248"},"modified":"2025-09-01T20:20:45","modified_gmt":"2025-09-01T17:20:45","slug":"us-lawmakers-propose-amendments-to-bipartisan-plan-for-expanded-cryptocurrency-taxation","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-lawmakers-propose-amendments-to-bipartisan-plan-for-expanded-cryptocurrency-taxation\/","title":{"rendered":"US lawmakers propose amendments to bipartisan plan for expanded cryptocurrency taxation"},"content":{"rendered":"<p>A group of senators Ron Wyden, Cynthia Lummis and Pat Toomey proposed exempting miners, node operators, software developers and other non-custodial participants from the bipartisan plan to fund infrastructure spending.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Wyden-led amendment would clarify cryptocurrency reporting rules <a href=\"https:\/\/t.co\/ZOIUq4tlUk\">https:\/\/t.co\/ZOIUq4tlUk<\/a><\/p>\n<p>\u2014 Senator Cynthia Lummis (@SenLummis) <a href=\"https:\/\/twitter.com\/SenLummis\/status\/1423026757104513025?ref_src=twsrc%5Etfw\">August 4, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The plan envisages additional funding through taxes on cryptocurrency transactions <a href=\"https:\/\/u1f987.com\/en\/news\/us-authorities-to-raise-28-billion-from-crypto-transaction-taxes\">$28 billion<\/a>.<\/p>\n<p>During consideration of the bill <a href=\"https:\/\/u1f987.com\/en\/news\/us-congress-plan-for-expanded-cryptocurrency-taxation-meets-resistance\">disagreements<\/a> arose over the definition of &#8216;broker&#8217; included in it.<\/p>\n<p>Pat Toomey considered it too broad and capable of affecting miners, whom he believes should not be regulated by these provisions. He also noted potential difficulties for non-custodial services.<\/p>\n<p>Similar remarks <a href=\"https:\/\/u1f987.com\/en\/news\/experts-criticise-us-congress-plan-for-expanded-crypto-taxation\">were voiced by<\/a> advocacy groups promoting and protecting the interests of the cryptocurrency industry.<\/p>\n<p>Wyden and Lummis introduced a amendment that would treat &#8216;broker&#8217; in the bill as only trading platforms and &#8216;analogous-type organizations&#8217;.<\/p>\n<p>The senators&#8217; proposal also states that there is no need to amend the Securities Act of 1933 and the Securities Exchange Act of 1934.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cDigital assets will not disappear. The amendment is a step on the path to their full integration into the US financial sector. There is still a lot of work ahead.\u201d<\/em>, \u2014 Lummis.<\/p>\n<\/blockquote>\n<p>Wyden noted that the proposal would shield American innovation and would tax only those who owe taxes.<\/p>\n<p>Earlier, lawyer Jake Chervinsky criticized the bill. To resolve the clash, he <a href=\"https:\/\/u1f987.com\/en\/news\/experts-criticise-us-congress-plan-for-expanded-crypto-taxation\">proposed<\/a> introducing a clear definition of &#8216;digital asset&#8217; not present in it, which would avoid changing the definition of &#8216;broker&#8217; in the tax code.<\/p>\n<p>The senators&#8217; initiative was endorsed by Andreessen Horowitz.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We <a href=\"https:\/\/twitter.com\/a16z?ref_src=twsrc%5Etfw\">@a16z<\/a> (<a href=\"https:\/\/twitter.com\/bhorowitz?ref_src=twsrc%5Etfw\">@bhorowitz<\/a>, <a href=\"https:\/\/twitter.com\/pmarca?ref_src=twsrc%5Etfw\">@pmarca<\/a>, myself &#038; <a href=\"https:\/\/twitter.com\/cdixon?ref_src=twsrc%5Etfw\">@cdixon<\/a>) just sent a letter to <a href=\"https:\/\/twitter.com\/SenSchumer?ref_src=twsrc%5Etfw\">@SenSchumer<\/a> and <a href=\"https:\/\/twitter.com\/LeaderMcConnell?ref_src=twsrc%5Etfw\">@LeaderMcConnell<\/a> in support of the bipartisan Wyden-Lummis-Toomey Amendment to the Infrastructure Bill <a href=\"https:\/\/t.co\/980hP7kdlT\">https:\/\/t.co\/980hP7kdlT<\/a> <a href=\"https:\/\/t.co\/K6zmT22ink\">pic.twitter.com\/K6zmT22ink<\/a><\/p>\n<p>\u2014 Kathryn Haun (@katie_haun) <a href=\"https:\/\/twitter.com\/katie_haun\/status\/1423071377427476484?ref_src=twsrc%5Etfw\">August 5, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Coinbase co-founder and CEO welcomed the lawmakers&#8217; amendments and urged citizens to contact other members of Congress. He also urged exemptions from provisions that would require trading platforms to ensure thorough monitoring of holders&#8217; cryptocurrency activity.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">10\/ We also need to ask all senators to remove the language requiring sweeping surveillance of crypto holders.<\/p>\n<p>You can use this tool to contact your senators. Thank you! <a href=\"https:\/\/t.co\/BxkE98QeTp\">https:\/\/t.co\/BxkE98QeTp<\/a><\/p>\n<p>\u2014 Brian Armstrong (@brian_armstrong) <a href=\"https:\/\/twitter.com\/brian_armstrong\/status\/1423044817458765827?ref_src=twsrc%5Etfw\">August 4, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In ForkLog&#8217;s comments, New York-licensed lawyer and head of the international disputes practice at Buzko Legal, Evgeny Krasnov, noted:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201c<\/em>As for transaction monitoring, it is inevitable. It will be adopted either now or later. I don&#8217;t think most users will have problems. Rather, those who cannot or do not wish to explain the origin of funds in their accounts on platforms<em>.\u201d<\/em>.<\/p>\n<\/blockquote>\n<p>The specialist also noted that in the United States brokers must obtain licenses from the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC <\/span>and <span data-descr=\"U.S. Financial Industry Regulatory Authority\" class=\"old_tooltip\">FINRA<\/span>, file reports and comply with a long list of client-related requirements.<\/p>\n<p>In May, the U.S. Treasury <a href=\"https:\/\/u1f987.com\/en\/news\/us-authorities-to-require-crypto-firms-to-share-customer-data\">proposed expanding the requirements<\/a> for broker reporting on digital currencies. They would be required to transmit information on the beneficial owners of accounts to the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Common_Reporting_Standard\">Common Reporting Standard<\/a>, of which the United States is a member.<\/p>\n<p>Earlier, SEC Chair Gary Gensler <a href=\"https:\/\/u1f987.com\/en\/news\/sec-chief-urges-broader-investor-protection-rules-for-bitcoin-exchanges\">urged<\/a> expanding investor-protection rules for cryptocurrency exchanges.<\/p>\n<p> Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>! <\/p>\n","protected":false},"excerpt":{"rendered":"<p>A group of senators Ron Wyden, Cynthia Lummis and Pat Toomey proposed exempting miners, node operators, software developers and other non-custodial participants from the bipartisan plan to fund infrastructure spending.<\/p>\n","protected":false},"author":1,"featured_media":47249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,558,26],"class_list":["post-47248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-taxes","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=47248"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47248\/revisions"}],"predecessor-version":[{"id":47250,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47248\/revisions\/47250"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/47249"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=47248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=47248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=47248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}