{"id":54797,"date":"2021-12-16T14:24:42","date_gmt":"2021-12-16T12:24:42","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=54797"},"modified":"2025-09-03T22:12:19","modified_gmt":"2025-09-03T19:12:19","slug":"us-senators-urge-treasury-to-clarify-the-status-of-crypto-brokers","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-senators-urge-treasury-to-clarify-the-status-of-crypto-brokers\/","title":{"rendered":"US Senators urge Treasury to clarify the status of crypto brokers"},"content":{"rendered":"<p>A group of US senators <a href=\"https:\/\/www.portman.senate.gov\/newsroom\/press-releases\/portman-warner-bipartisan-colleagues-urge-treasury-secretary-implement\">\u043d\u0430\u043f\u0440\u0430\u0432\u0438\u043b\u0430<\/a> a letter to Treasury Secretary Janet Yellen urging by the end of 2021 to provide informal guidance or information regarding the reporting requirements for crypto industry \u201cbrokers\u201d after the infrastructure plan was enacted.<\/p>\n<p>The letter was signed by Rob Portman, Mark Warner, Mike Crapo, Kirsten Sinema, Pat Toomey and Cynthia Lummis.<\/p>\n<p>In November, President Joe Biden<a href=\"https:\/\/u1f987.com\/en\/news\/biden-signs-infrastructure-bill-without-cryptocurrency-amendments\"> signed<\/a> the aforementioned law. Among other things, it contemplates requiring miners and node operators in blockchains, wallet developers, DeFi liquidity providers, and other non-custodial actors to report to the IRS on the activity of their users.<\/p>\n<p>In August, media <a href=\"https:\/\/u1f987.com\/en\/news\/media-u-s-treasury-dispels-crypto-industry-fears-over-infrastructure-plan-provisions\">reported<\/a> that the Treasury does not intend to broadly interpret the definition of \u201cbroker\u201d with respect to crypto industry participants.<\/p>\n<p>If needed, the senators are prepared to propose amendments clarifying the definition of \u201cbroker\u201d in the infrastructure plan.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cDigital assets can play an important role in the technological transformation of certain sectors. Clear guidance on tax reporting requirements is important for ecosystem participants\u201d<\/em>, the statement said.<\/p>\n<\/blockquote>\n<p>As reported, the bill&#8217;s provisions, as enacted, are technically infeasible. The document has repeatedly <a href=\"https:\/\/u1f987.com\/en\/news\/experts-criticise-us-congress-plan-for-expanded-crypto-taxation\">been criticised<\/a> by crypto industry representatives, including <a href=\"https:\/\/u1f987.com\/en\/news\/elon-musk-joins-criticism-of-the-expanded-us-cryptocurrency-tax-plan\">Elon Musk<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/jack-dorsey-joins-criticism-of-us-plan-for-expanded-crypto-taxation\">Jack Dorsey<\/a>.<\/p>\n<p>Earlier, Lummis and Toomey, together with Senator Ron Wyden, <a href=\"https:\/\/u1f987.com\/en\/news\/us-lawmakers-propose-amendments-to-bipartisan-plan-for-expanded-cryptocurrency-taxation\">proposed removing<\/a> crypto industry participants from the bipartisan plan, but the corresponding amendment <a href=\"https:\/\/u1f987.com\/en\/news\/us-senate-votes-down-compromise-amendment-on-cryptocurrency-taxation\">did not receive unanimous support<\/a>.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/twitter.com\/ForkLog\" target=\"_blank\" rel=\"nofollow noopener\">Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As US senators urged Treasury Secretary Janet Yellen by the end of 2021 to provide informal guidance or information regarding the reporting requirements for crypto industry &#8216;brokers&#8217; after the infrastructure plan was enacted.<\/p>\n","protected":false},"author":1,"featured_media":54798,"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":[36,1211,558,26],"class_list":["post-54797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-stock-market","tag-taxes","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/54797","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=54797"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/54797\/revisions"}],"predecessor-version":[{"id":54799,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/54797\/revisions\/54799"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/54798"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=54797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=54797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=54797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}