{"id":47307,"date":"2021-08-06T11:08:54","date_gmt":"2021-08-06T08:08:54","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=47307"},"modified":"2025-09-01T20:40:47","modified_gmt":"2025-09-01T17:40:47","slug":"co-author-of-u-s-plan-for-expanded-cryptocurrency-taxation-backs-amendments-to-bill","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/co-author-of-u-s-plan-for-expanded-cryptocurrency-taxation-backs-amendments-to-bill\/","title":{"rendered":"Co-author of U.S. plan for expanded cryptocurrency taxation backs amendments to bill"},"content":{"rendered":"<p>The U.S. Senator from Ohio Rob Portman backed the proposed amendments by his colleagues that would carve out certain types of cryptocurrency business from the bipartisan infrastructure funding plan.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">I agree with Senators Wyden, Toomey, Lummis that we can do more to clarify the intent of the cryptocurrency provision &#038; the Senate should vote on their amendment.<\/p>\n<p>\u2014 Rob Portman (@senrobportman) <a href=\\\"https:\/\/twitter.com\/senrobportman\/status\/1423309129981042696?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<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>&#8220;I agree with Senators Wyden, Toomey, and Lummis that we can do more to clarify the intent of the cryptocurrency provision, and the Senate should vote on their amendment,&#8221; he wrote.<\/p>\n<\/blockquote>\n<p>Portman is one of the authors of the initial provisions relating to the crypto industry. The plan envisions additional funding in the form of taxes on cryptocurrency transactions <a href=\"https:\/\/u1f987.com\/en\/news\/us-authorities-to-raise-28-billion-from-crypto-transaction-taxes\">in the amount of $28 billion<\/a>.<\/p>\n<p>The bill would classify all facilitators of cryptocurrency transfers as brokers, subjecting them to licensing, reporting and other burdensome requirements.<\/p>\n<p>Sens. Ron Wyden, Cynthia Lummis and Pat Toomey <a href=\"https:\/\/u1f987.com\/en\/news\/us-lawmakers-propose-amendments-to-bipartisan-plan-for-expanded-cryptocurrency-taxation\">proposed <\/a>to carve miners, node operators, software developers and other non-custodial participants in the industry out of the plan.<\/p>\n<p>Earlier, Portman, in response to criticism <a href=\"https:\/\/u1f987.com\/en\/news\/us-congress-plan-for-expanded-cryptocurrency-taxation-meets-resistance\">stated<\/a> that the bill&#8217;s provisions do not affect these categories. He also became the co-author of a competing amendment that would exclude from the bill miners on the Proof-of-Work consensus <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-the-proof-of-work-pow-algorithm\">PoW<\/a> and sellers of equipment or software that enable individuals to control private keys.<\/p>\n<p>The proposal was backed by the Biden administration. However Portman\u2019s colleagues, Mark Warner and Kirsten Sinema, criticized their amendment.<\/p>\n<p>Ron Wyden noted that it provides a \u201cgovernment-sanctioned safe harbour for the most climate-damaging form of crypto tech \u2014 PoW.\u201d<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">The Warner-Portman-Sinema amendment provides a government-sanctioned safe harbor for the most climate-damaging form of crypto tech, called proof-of-work. It would be a mistake for the climate and for innovation to advance this amendment. <a href=\\\"https:\/\/t.co\/Ppn5BpoYSX\\\">https:\/\/t.co\/Ppn5BpoYSX<\/a><\/p>\n<p>\u2014 Ron Wyden (@RonWyden) <a href=\\\"https:\/\/twitter.com\/RonWyden\/status\/1423468825610129411?ref_src=twsrc%5Etfw\\\">August 6, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>&#8220;Do what you say you\u2019re going to do. Our amendment protects miners as well as hardware and software developers. The other does not. The choice is clear,&#8221; wrote Senator Lummis.<\/p>\n<\/blockquote>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Do what you say you\u2019re going to do. Our amendment protects miners as well as hardware and software developers. The other does not. The choice is clear. <a href=\\\"https:\/\/t.co\/111GtGz7C0\\\">https:\/\/t.co\/111GtGz7C0<\/a><\/p>\n<p>\u2014 Senator Cynthia Lummis (@SenLummis) <a href=\\\"https:\/\/twitter.com\/SenLummis\/status\/1423466497247268869?ref_src=twsrc%5Etfw\\\">August 6, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>As noted in May 2021, the U.S. Treasury <a href=\"https:\/\/u1f987.com\/en\/news\/us-authorities-to-require-crypto-firms-to-share-customer-data\">proposed expanding the reporting requirements<\/a> for brokers dealing with digital currencies.<\/p>\n<p>Subscribe to ForkLog news on <a href=\\\"https:\/\/www.facebook.com\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Facebook<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. Senator from Ohio Rob Portman backed the amendments proposed by colleagues that would carve out certain types of cryptocurrency business from the bipartisan infrastructure funding plan.<\/p>\n","protected":false},"author":1,"featured_media":47308,"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-47307","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":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47307","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=47307"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47307\/revisions"}],"predecessor-version":[{"id":47309,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47307\/revisions\/47309"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/47308"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=47307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=47307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=47307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}