Wyden: Crypto language in infrastructure bill 'fails to understand how the technology works'


A senior Democratic Senator took to Twitter on Sunday to criticize draft language related to crypto tax reporting requirements in a still-in-the-making infrastructure package.

The bill has yet to be introduced, though negotiators involved with the ongoing process told CNN that they expect the legislation to be made formally public later Sunday. The bill, according to the draft language made public and statements from the Biden White House, aims to raise tax compliance by crypto companies by widening the definition of a "broker." Critics of the measure say the provision as written is far too broad and lobby groups based in Washington are pushing for revisions. 

Ron Wyden, chairman of the Senate Finance Committee, tweeted Sunday that "Americans avoiding paying the taxes they owe through cryptocurrency is a real problem that deserves a real solution."

That said, he believes what he called the "Republican provision" "isn’t close to being that solution."

"It’s an attempt to apply brick and mortar rules to the internet and fails to understand how the technology works," he continued.

Wyden is perhaps referring to indications that the legislative language was added by Senator Rob Portman of Ohio, a Republican who has long said he would push for tighter tax compliance requirements for crypto companies. 

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Binance Helps Take Down Cybercriminal Ring Laundering $500M in Ransomware

Over the past year, Binance has expanded its in-house AML detection and analytics capabilities. Based on research and analysis, as well as an understanding of cybercriminals' history and cashout tactics, Binance arrived at the conclusion that the biggest security problem in the industry today is money connected to cyberattacks being laundered through nested services and parasite exchanger accounts that live inside macro VASPs, including exchanges like Binance.com
Read Full Story
Sponsored Post

Okcoin is launching SATs mode as part of wider retail push

  Okcoin, which was founded in 2013, is doing something different in a crowded field of crypto exchanges: it’s going to allow clients to denominate trades in bitcoin in units of satoshi, rather than BTC.  On this episode of The Scoop, Okcoin CEO Hong Fang joined host Frank Chaparro for a discussion on Okcoin’s rapid […]
Read Full Story
Sep 27, 2021, 5:27PM UTC