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Cryptocurrency Tax Reporting Deal Scotched In Senate

Toomey, the top Republican on the Senate Banking Committee and a Finance panel member, and Lummis said that because this is a new industry evolving rapidly, Congress may have to soon revisit rules set around cryptocurrency.

Lummis said some lawmakers will speed up efforts to legislate definitions in the crypto space because of the tax reporting rules, and that the effort to lobby senators on the issue in recent days will lead to broader interest in cryptocurrency in the Senate.

“The fact that Treasury got a jump on us in trying to define ‘broker’ in this bill has put us in a position where we’re starting that work now of defining terms that are used in this space that have a significant impact on those that are innovating in this space,” Lummis said. “We can’t afford to get this wrong. We need to ensure that people aren’t trying to avoid taxes by sheltering their money in digital assets, but we have to do it in a way that doesn’t stifle innovation.” ___

 Distributed by Tribune Content Agency, LLC.

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