U.S. Senator to propose cryptographic amendments to Biden’s infrastructure bill

Ron Wyden, Chairman of the US Senate Finance Committee, and Senator Cynthia Lummis plan to introduce a new bill today that will revoke some of the cryptocurrency provisions in the recently passed bipartisan infrastructure package. The Wyden and Lummis draft attempts to “modify the construction rules that apply to the digital asset-related information reporting requirements imposed on brokers, as well as other purposes.” In short, this will eliminate the need for individuals developing blockchain technology to report to the government. The organization reports information about its users. The amendment proposed by Wyden and Lummis came at a time when U.S. President Biden is scheduled to sign the infrastructure law package today. The Wyden and Lummis amendments will modify the final bill to target ambiguous broker definitions to protect blockchain network participants. Wyden stated that the amendment will protect American innovation while ensuring that those who trade cryptocurrencies will still pay taxes owed. As the bill has not yet been introduced, it is not clear when further discussions or voting can take place.