Get the scoop on finance - sign up for mobile alerts
Regulators
| On
August 10, 2021

Pro-Crypto Congressmen Send Letter to All House Representatives Sounding Alarm on Infrastructure Bill

By Daily Hodl Staff

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.

ADVERTISEMENT

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.

ADVERTISEMENT

“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.”

ADVERTISEMENT
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Kalifer – Art Creations/stockphoto-graf