United States senators Mark Warner and Kyrsten Sinema, both Democrats from Virginia and Arizona, respectively, have introduced a new amendment to the infrastructure bill that would lessen the burden on cryptocurrency tax reporting for miners and wallet providers.
As Perianne Boring reported Saturday afternoon, the senators are endorsing an amendment that would exclude cryptocurrency miners and hardware and software wallet providers from being subject to new tax reporting provisions. The amendment would broaden an earlier update proposed by the same lawmakers, along with Ohio Republican Rob Portman.
The current version of the bill considers these entities to be “brokers” that facilitate the transfer of cryptocurrencies between users. If these entities are indeed classified as brokers, they would have to monitor and track user transactions despite them not being actual customers. Opponents of the proposed law say it would be nearly impossible for miners and protocol developers to fulfill these obligations adequately.