Members of Congress lobby Nancy Pelosi and others to amend crypto tax definition

A Californian congresswoman has written to Speaker Nancy Pelosi expressing concerns about the controversial new mandate for crypto tax reporting. Anna Eshoo, who represents California’s 18th Congressional District, penned a letter to the Democratic party speaker of the United States House of Representatives, Nancy Pelosi, on Aug. 12.

In it, she urged Pelosi to amend the cryptocurrency broker definition in the Senate’s controversial infrastructure bill. Eshoo claims that miners, validators, and developers of wallets would be unable to comply with the crypto tax reporting requirements. Last-minute additions to the bipartisan infrastructure deal saw lawmakers propose expanded cryptocurrency taxation to raise an additional $28 billion in revenue. It will impose additional reporting requirements on any crypto company or organization deemed to be a “broker.”

The disputed bill defines “brokers”, who must report certain transactions to the Internal Revenue Service, as “any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.”

Eshoo is among numerous U.S. lawmakers such as Senators Pat Toomey, Cynthia Lummis and Ron Wyden, who assert that miners, stakers, validators, software developers and hardware manufacturers should not fall into this broadly termed category. In the letter, she stated:

Members of Congress lobby Nancy Pelosi and others to amend crypto tax definition, CNBC, Aug 13