California Congresswoman Anna Eshoo declared on Thursday that she is working to “fix potentially detrimental cryptocurrency language in a bipartisan infrastructure bill.”
“To express concern regarding the tax reporting requirements for cryptocurrency brokers in the Infrastructure Investment and Jobs Act, the bipartisan infrastructure legislation recently passed by the Senate,” Eshoo wrote a letter to House Speaker Nancy Pelosi on Thursday, according to the announcement “The legislation uses a broad definition of ‘broker’ that could encompass miners, validators, and developers of wallets who are unable to comply with reporting requirements.
Many people have attacked the bill’s crypto clause, which Senator Patrick Toomey has described as unworkable. “This infrastructure bill has a section in it that is meant to kill crypto,” Senator Ted Cruz remarked. That would be a terrible blunder.” Some have predicted that if the law is passed, it will drive innovation to other countries.
The infrastructure measure was passed by the Senate on Tuesday. It is now awaiting approval by the House of Representatives. The House, on the other hand, is on break until September 20.
“When the House takes up the Senate bill, I encourage you to alter the problematic broker description in Section 80603 of the legislation,” Eshoo stated in her letter to Pelosi.
She went on to say: A bipartisan group of Senators offered an amendment to this effect that Secretary of Treasury Janet Yellen supported, however, the amendment was not included due to procedural concerns rather than substantive ones.
A majority consent agreement was required for the compromise crypto modification. Senator Richard Shelby of Alabama objected after failing to gain support for his own amendment, and it failed to pass in the Senate.
Four members of the House of Representatives — Tom Emmer, Darren Soto, David Schweikert, and Bill Foster — sent a letter to every member of the House immediately after the crypto amendment failed to pass in the Senate, raising concerns about the Senate infrastructure bill being paid for by the crypto industry. The bipartisan Blockchain Caucus has four co-chairs.