Leading Republican Behind Infrastructure Bill Negotiations Supports Crypto Amendment

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Senator Rob Portman, one of the leading Republican voices for negotiations on an infrastructure bill in the United States Senate, said he supports an amendment clarifying the intent of a crypto provision. cash.

In a tweet today, Portman encouraged colleagues in the Senate to vote on an amendment proposed this week by Ron Wyden, Cynthia Lummis and Pat Toomey that suggests removing the definition of brokers in the infrastructure bill to no longer include developers, miners or companies from blockchain in the crypto space.

The Senator’s position is somewhat surprising given that he has already supported the language used in the bill, saying Tuesday that the legislation “does not impose new reporting requirements on software developers, crypto miners, node operators or other non-brokers” and calls the section on brokers a “common sense provision “. Ted Cruz, the young senator from Texas, is also said to have proposed an amendment to delete the provision.

The bill, HR 3684, includes funding for roads, bridges and major infrastructure projects, as well as proposing the implementation of stricter rules on companies handling cryptocurrencies, expanding requirements for reporting for brokers and the requirement to report transactions of digital assets valued over $ 10,000 to Internal Revenue. Service (SRI). Majority leader Chuck Schumer reportedly intends to attempt to keep the Senate in session – the governing body is expected to be suspended from August 9 – to vote on key amendments.

While the intent behind the bill appears to require crypto exchanges to report certain transactions, many lawmakers and opponents of the legislation immediately criticized the language, implying that the reporting requirements could potentially be extended to developers, node operators and miners.

Related: Ohio senator wants clarity on crypto tax declaration in bill

According to digital rights group Fight for the Future, more than 9,000 activists have called to express their support for the amendment proposed by Wyden, Lummis and Toomey. Industry member body Global Digital Finance also said it would welcome the clarifying language, noting that 114 signatories in the crypto and blockchain space had attached their names to a letter expressing their support for the amendment.

Jeff Bandman, Board Member of Global Digital Finance, said:

“Assuming the amendment is approved, it would serve to increase the incomes of relevant actors, promote regulatory certainty, and enable innovators to continue to develop new financial products, many of which could improve financial inclusion in states. United, without fear of unjustified tax debts. “

The amendment would require 60 votes to be added to the legislation. With Portman’s backing, the amendment may be more likely to receive Republican votes in a party-divided US Senate.