Appreciate the Treasury Department affirming that crypto miners, stakers and those who sell hardware and software for wallets are not subject to tax reporting obligations.
As I have said from the start, this requirement only applies to brokers.
Does Rob Portman Support Crypto?
Based on previous comments, Rob Portman has indicated they are very pro-cryptocurrency. Below you can view the tweets, quotes, and other commentary Rob Portman has made about crypto.
I'm pleased to announce that Senators Warner, Toomey, Sinema, Lummis & I have reached an agreement on an amendment to clarify IRS reporting rules for crypto transactions w/o curbing innovation or imposing information reporting requirements on stakers, miners, or other non-brokers
I agree with Senators Wyden, Toomey, Lummis that we can do more to clarify the intent of the cryptocurrency provision & the Senate should vote on their amendment.
Today, Senator Sinema and I entered the nonpartisan Joint Committee on Taxation technical explanation of Section 80603: information reporting for brokers and digital assets of the Infrastructure Investment and Jobs Act into the record. portman.senate.gov/sites/default/…
This common-sense provision will provide clarity and legitimacy for the industry, make life easier for everyday Americans, and help ensure that the US remains a global leader in crypto innovation and development.
Digital assets like bitcoin and other cryptocurrencies are a rapidly growing part of our economy.
The underlying distributed ledger and blockchain technology has many applications, and Congress should prioritize policies that fuel innovation & growth in the crypto space.
The legislation does not impose new reporting requirements on software developers, crypto miners, node operators or other non-brokers.
It simply says that brokers must comply with standard information reporting obligations. Which many already do!
The infrastructure bill includes a provision that helps accomplish that goal. It standardizes information reporting by crypto-brokers to the IRS for tax purposes – the same way it’s done for stock trades.
This will make it easier for folks to determine & pay their tax bill.