Republican Representative Tom Emmer of Minnesota is leading a new push to modify cryptocurrency provisions in the infrastructure bill.
Congressman Emmer sent a letter to all fellow lawmakers in the House outlining key concerns with the legislation.
The letter was written in conjunction with the bipartisan Blockchain Caucus, which includes Florida Congressman Darren Soto (D-FL), Arizona representative David Schweikert (R-AZ), and Illinois Congressman Bill Foster (D-IL).
The Senate’s version of the bill contains a clause that would expand the definition of “broker” in the tax code to include “any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.”
Emmer’s letter stresses that certain players within crypto, such as software developers or validators, do not fall within the scope of a “broker” defined in the traditional financial realm.
Cryptocurrency tax reporting is important, but it must be done correctly. When the Infrastructure Investment and Jobs Act comes to the House, we must prioritize amending this language to clearly exempt noncustodial blockchain intermediaries and ensure that civil liberties are protected.”
Now that crypto proponents within the Senate failed to get their crypto amendments passed in the Senate, the bill is moving onto the House, where lawmakers can further revise the bill.
Emmer is calling on the House to consider the amendments made for the crypto industry.
The House must consider amendments to this provision that exempt entities that don’t conduct crypto transactions and keep blockchain software development, cryptocurrency mining, and more in the United States.
Crypto is not a partisan issue – the bipartisan Blockchain Caucus is working to educate Members so we can fix this dangerous provision when it comes to the House.”