Sen. Portman throws support behind amendment to his crypto provision in infrastructure bill

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In a Thursday tweet, Senator Rob Portman voiced support for an amendment from Senators Wyden Toomey and Lummis that would explicitly exempt some types of crypto-related businesses from being considered as brokers under a tax provision that included a still-in-development infrastructure bill.

Portman's support is especially notable because it was his language in the original version of the bill.

The crux of the issue was that the original bill required open-ended broker transaction reporting from any entity facilitating a crypto transfer. While it was likely targeting crypto exchanges, its phrasing could have extended to such non-broker activities as mining, or operating a node.

The crypto community reacted quickly. By August 2, Senator Toomey had revealed work to correct that language, ultimately working with Sens. Lummis and Wyden on the amendment. Sen. Ted Cruz has filed a separate amendment that aims to cut the language entirely.

Portman insisted that "the legislation does not impose new reporting requirements on software developers, crypto miners, node operators or other non-brokers." However, the new amendment would codify that intention into law.

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May 5, 2022, 3:17PM UTC
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