Senators Ask Treasury To Release Guidance For Crypto Brokers By Year End

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On December 14, six US 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 letterSenators Portman, Warner, Crapo, Sinema, Toomey and Lummis asked Yellen to verify previous statements from the Biden administration which stated:

“[T]that the reporting requirements only cover brokers who enable the transfer of digital assets for remuneration – not other parties who are ancillary to the process, unless they act in an additional capacity as brokers.

While the Administrative Procedures Act requires a number of steps from the Treasury before any final rule on crypto brokers, the senators “urge the Treasury Department to provide informal information or guidance as soon as possible – no later than the end of the current calendar year.”

The new brokerage language is part of the infrastructure bill that President Biden signed into law a month ago. At the time of the passage of this bill in the Senate, it was already the subject of major controversy due to the language which, in theory, could include network participants like node operators and miners.

Several of the senators signing the letter were key members of the bipartisan group that drafted the original bill’s language, while others were part of efforts to limit the crypto reporting provision before it could be adopted.

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