Beautiful Virgin Islands

Friday, Oct 24, 2025

Senators Wyden, Lummis & Toomey: New Infrastructure Bill Shouldn't Apply To Crypto Miners, Developers or Blockchain Firms in Crypto Space

Senators Wyden, Lummis & Toomey: New Infrastructure Bill Shouldn't Apply To Crypto Miners, Developers or Blockchain Firms in Crypto Space

Senators Ron Wyden, Cynthia Lummis, and Pat Toomey have proposed an amendment to a crypto provision seeking to garner $28 billion in taxes, suggesting that some of the provisions in the bipartisan infrastructure deal shouldn't apply to developers, miners, or blockchain firms in the crypto space. 

In an amendment from Oregon Senator Ron Wyden on behalf of himself and Wyoming Senator Cynthia Lummis, with the support of Pennsylvania Senator Pat Toomey, the U.S. lawmakers suggested that some of the provisions in the bipartisan infrastructure deal shouldn’t apply to developers, miners, or blockchain firms in the crypto space.

Specifically, the amendment proposes that the definition of a broker does not include anyone in the business of “validating distributed ledger transactions,” “developing digital assets or their corresponding protocols,” or dealing with mining software or hardware.

“While Congress works to better understand and legislate on issues surrounding the development and transaction of cryptocurrencies, it should be wary of imposing burdensome regulations that may stifle innovation,” said Senator Pat Toomey.

The original language of the bill changed the definition of a broker for tax purposes to include “any person who (for consideration) is responsible for and regularly provides and services effectuating transfers of digital assets.”

That meant a whole range of non-custodial crypto actors, including miners and validators on proof-of-stake networks, would legally be required to file 1099 forms, which ask for customer names and addresses, with the Internal Revenue Service.

Senator Roomey commented on Twitter:

“By clarifying the definition of broker, our amendment will ensure non-financial intermediaries like miners, network validators and other service providers are not subject to the reporting requirements specified in the bipartisan infrastructure package”

“While Congress works to better understand and legislate on issues surrounding the development and transaction of cryptocurrencies, it should be wary of imposing burdensome regulations that may stifle innovation.”

According to majority leader Chuck Schumer, the Senate is planning to vote on multiple amendments to the infrastructure bill, HR 3684, today. Among other things, the bill proposes implementing tighter rules on businesses handling cryptocurrencies and expanding reporting requirements for brokers, mandating that digital asset transactions worth more than $10,000 are reported to the Internal Revenue Service (IRS).

However, the proposed amendment from Wyden, Lummis and Toomey could potentially strike down some of the reporting requirements, should crypto firms not be considered “brokers” in the bill. According to the trio, nothing in the proposed amendment has any effect on some of the existing laws governing cryptocurrencies, including the Securities Act of 1933 and the Securities Exchange Act of 1934.

Ohio Senator Rob Portman, one of the lawmakers behind HR 3684, said on Twitter yesterday that the legislation “does not impose new reporting requirements on software developers, crypto miners, node operators or other non-brokers.” Calling the section on brokers as a “common-sense provision,” Portman claimed that crypto firms simply “must comply with standard information reporting obligations.”

Industry advocacy groups Blockchain Association and Coin Center have released a joint statement with exchange Coinbase, FinTech firm Square, and Ribbit Capital in support of the amendment.

Claiming that the bill’s original language “would place unworkable requirements on crypto technology,” they wrote: “Clarifying the provision to address our concerns would not affect the reporting requirements on crypto exchanges that operate on behalf of customers.”

Senator Wyden is a longtime advocate of web privacy. Last year, he sponsored a bill that would prevent warrantless searches of American’s web browsing histories. Senator Lummis is a major proponent of Bitcoin and believes the currency’s deflationary properties provide an antidote to the Federal Reserve’s expansionist monetary policy. For his part, Senator Toomey in June wrote a letter to Treasury Secretary Janet Yellen asking her to re-think proposed FinCEN requirements to collect data on private cryptocurrency wallets.

The U.S. Senate is scheduled to be in recess starting on Aug. 9, meaning it may be unlikely that all of the amendments to the infrastructure bill will be addressed — or the legislation itself will be passed — until it reconvenes in September.

Source: Three Senators: New Infrastructure Bill Shouldn't Apply To Crypto Miners, Devs – Fintechs.fi

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Lakestar to Halt External Fundraising as Investor in Revolut and Spotify
U.S. Innovation Ranking Under Scrutiny as China Leads Output Outputs but Ranks 10th
Three Men Arrested in London on Suspicion of Spying for Russia
Porsche Reverses EV Strategy as New CEO Bets on Petrol and Hybrids
Singapore’s Prime Minister Warns of ‘Messy’ Transition to Post-American Global Order
Andreessen Horowitz Sets Sights on Ten-Billion-Dollar Fund for Tech Surge
US Administration Under President Donald Trump Reportedly Lifts Ban on Ukraine’s Use of Storm Shadow Missiles Against Russia
‘Frightening’ First Night in Prison for Sarkozy: Inmates Riot and Shout ‘Little Nicolas’
White House Announces No Imminent Summit Between Trump and Putin
US and Qatar Warn EU of Trade and Energy Risks from Tough Climate Regulation
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Nicolas Sarkozy begins five-year prison term at La Santé in Paris
Japan stocks surge to record as Sanae Takaichi becomes Prime Minister
This Is How the 'Heist of the Century' Was Carried Out at the Louvre in Seven Minutes: France Humiliated as Crown with 2,000 Diamonds Vanishes
China Warns UK of ‘Consequences’ After Delay to London Embassy Approval
France’s Wealthy Shift Billions to Luxembourg and Switzerland Amid Tax and Political Turmoil
"Sniper Position": Observation Post Targeting 'Air Force One' Found Before Trump’s Arrival in Florida
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
Former Lostprophets Frontman Ian Watkins Stabbed to Death in British Prison
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
Outsider, Heroine, Trailblazer: Diane Keaton Was Always a Little Strange — and Forever One of a Kind
Dramatic Development in the Death of 'Mango' Founder: Billionaire's Son Suspected of Murder
Two Years of Darkness: The Harrowing Testimonies of Israeli Hostages Emerging From Gaza Captivity
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
HSBC Confronts Strategic Crossroads as NAB Seeks Only Retail Arm in Australia Exit
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
×