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“I don’t think the proposed cryptocurrency amendment language is good enough to protect privacy and security, but it’s definitely better than the underlying bill,” Wyden wrote on Twitter.
One of the sponsors of the amendment, Sen. Pat Toomey (R-Pa.), Said they hoped to have the opportunity to vote on the proposal, although he did not ensure that. Lawmakers have been hassled in a larger fight over a number of amendments to the spending program, even as it draws closer to passage.
“Our solution makes it clear that a broker only refers to people who trade on exchanges where consumers buy, sell and trade digital assets,” Toomey told reporters.
“This ensures that the bill does not sweep away software developers, crypto transaction validators, node operators, or other non-brokers.”
Among those who support the plan: Sens. Rob Portman (R-Ohio), Mark Warner (D-Va.), Kyrsten Sinema (D-Ariz.) And Cynthia Lummis (R-Wyo.). A spokesperson for the Treasury said the agency has been consulted on the changes and does not oppose them.
The reporting requirements aim to improve tax compliance among people trading cryptocurrencies by requiring brokers to report to the government how much people are paying for assets as well as their gross proceeds when they sell.
The definition of “broker” in the legislation caused a stir, with critics complaining that it was too broad. The Treasury had recoiled from the changes, arguing that the cryptocurrency industry was simply trying to soften the new rules.
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