competing amendment to the controversial cryptocurrency tax provision proposed by Senators Mark Warner (D-VA) and Rob Portman (R-OH) has wreaked havoc on the cryptocurrency industry.
The rewrite was widely criticized within the cryptocurrency community for only giving a pass to proof-of-work mining and sellers of cryptocurrency software and hardware.
As reported by U.Today, the hotly debated provision in the infrastructure bill, which was initially proposed by Portman, could potentially ensnare all sorts of non-custodial cryptocurrency entities by expanding the definition of the term “broker” and enforcing draconian tax reporting rules.
Senators Patrick Toomey (R-PA), Sen. Ron Wyden (D-OR), and Ron Wyden (D-OR) jointly proposed a legislative exclusion that would safeguard both miners and software developers.
However, the White House came out in support of the Warner-Portman plan, claiming that it “strikes the right balance” and makes an important step toward enhancing tax compliance.
— Pat Ward (@WardDPatrick) August 6, 2021
The U.S. Senate will reconvene on Saturday in order to continue working on the infrastructure bill after failing to come to an agreement on Thursday night.