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U.S. Senators Mark Warner (D-Va.) And Kyrsten Sinema (D-Ariz.) Updated their amendment on Saturday changing a crypto tax reporting provision in the landmark Senate infrastructure bill.
The original amendment, introduced Thursday night, would exclude cryptocurrency miners involved in validating transactions on distributed ledgers and businesses that sell private key hardware or software wallets.
A first updated version would expand the exemption beyond proof of work validators, but a second revision appears only exempt validators from proof of work and proof of participation.
The Senate is expected to vote on both this amendment, as well as a directly competing amendment drafted by Senators Ron Wyden (D-Ore.), Cynthia Lummis (R-Wyo.) And Pat Toomey (R-Pa.). This amendment would exempt more non-dealer entities from the provision.
The current version of the crypto reporting provision in the bill would expand the definition of a “broker” to any entity in the cryptocurrency industry that facilitates the transfer of digital currencies for another person. Opponents of the provision said it would require miners, hardware and software developers to track the transactions of people who are not their direct customers.
Jerry Brito, executive director of the Coin Center crypto advocacy think tank, noted on Twitter that the amendment did not include protocol developers.
Early Saturday, the Senate invoked closure by a total of 67-27. This is the first procedural step towards the passage of the bill. By invoking closure, the Senate limits debate on the measure to 30 hours, allowing for a final chamber vote later on Saturday or Sunday.
CORRECTION (Aug 8, 7:05 PM UTC): An earlier version of this story indicated that U.S. Senators Ron Wyden (D-Ore.) And Kyrsten Sinema (D-Ariz.) Introduced the amendment. The amendment was presented by Mark Warner (D-Va.) And Sinema. Add updates everywhere.
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