A group of US senators направила 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 “brokers” after the infrastructure plan was enacted.
The letter was signed by Rob Portman, Mark Warner, Mike Crapo, Kirsten Sinema, Pat Toomey and Cynthia Lummis.
In November, President Joe Biden signed 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.
In August, media reported that the Treasury does not intend to broadly interpret the definition of “broker” with respect to crypto industry participants.
If needed, the senators are prepared to propose amendments clarifying the definition of “broker” in the infrastructure plan.
“Digital assets can play an important role in the technological transformation of certain sectors. Clear guidance on tax reporting requirements is important for ecosystem participants”, the statement said.
As reported, the bill’s provisions, as enacted, are technically infeasible. The document has repeatedly been criticised by crypto industry representatives, including Elon Musk and Jack Dorsey.
Earlier, Lummis and Toomey, together with Senator Ron Wyden, proposed removing crypto industry participants from the bipartisan plan, but the corresponding amendment did not receive unanimous support.
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