Key senators have reached an agreement on IRS reporting rules for cryptocurrencies, U.S. Senator Rob Portman (R-OH) announced in a tweet Monday. The industry and regulators await further details, but it looks like lawmakers have found clarification on who is and isn’t a broker in the blockchain business.
Sen. Portman said in a tweet early Monday afternoon Washington time:
“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”
Several cryptocurrency enthusiasts gave the Ohio senator a big thumbs up in the reply threads to his tweet, including one who wrote:
“Thank you for all your hard work on these issues.
Crypto and DeFi are the way forward and we don’t need to stifle innovation in technologies that can be positively transformative”
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