The USA Senate is currently discussing an infrastructure project that includes crypto. A bill presented on August 2 offered to gather $28 M from the industry. That would be achieved via transaction records and new reporting rules for crypto brokers. The bill wasn't received well by everybody.
Related: Gensler points out the need to regulate the DeFi market
Today, August 6, congress representatives Mark Warner, Kyrsten Sinema, and Rob Portman, who submitted the initial plan, proposed last minute changes. It suggested excluding proof-of-work mining and hardware/software wallet businesses from the bill.
However, according to the paper, boardened taxation might refer to crypto developers and PoS operators as well. Hours later, economics reporter of Washington Post, Jeff Stein announced that the White House is formally giving its approval to Portman’s amendment against the Toomey-Wyden-Lummi provision.
Late breaking - White House is coming out formally in support of Warner-Portman-Sinema crypto amendment, implicitly against the Toomey-Wyden-Lummis plan
— Jeff Stein (@JStein_WaPo) August 6, 2021
Many crypto entrepreneurs representatives are against the Warner-Portman amendment. Among them is Coin Center’s executive director, Jerry Brito, who finds that it would have a disastrous impact on the industry by providing unequal possibilities.
The alternative proposal was made by congressmen Cynthia Lummis, Pat Toomey, and Ron Wyden. It suggested narrowing down the crypto tax points mentioned in the original draft and, apart from miners, excluding entities confirming DLT transactions and those developing digital assets for their networks.
Senator Toomey tweeted that the proposal presented by them aimed to ensure that non-profit intermediaries would not undergo the reporting rules.