On December 14, six U.S. senators wrote to Treasury Secretary Janet Yellen, asking her to keep their original intent in mind as the Treasury Department implements new tax reporting provisions for crypto brokers.
In the letter, Senators Portman, Warner, Crapo, Sinema, Toomey and Lummis asked Yellen to verify previous statements from the Biden administration that indicated:
“[T]hat the reporting requirements only cover brokers who enable the transfer of digital assets for consideration — and not other parties which are ancillary to the process unless they are serving in an additional capacity as brokers.”
While the Administrative Procedures Act requires a number of steps from the Treasury before any final rules on crypto brokers, the senators “urge the Department of the Treasury to provide information or informal guidance as soon as possible — no later than the end of the current calendar year.”
The new broker language is part of the infrastructure bill that President Biden
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