- Pat Toomey deemed the bipartisan infrastructure bill’s crypto tax clauses “unworkable”.
- He pointed out broker definitions, effect on non-financial parties, and non-custodial services issues as reasons.
- The senator has promised to amend the bill and is looking for a Republican senator to work with.
Monday: Senator Pat Toomey deemed the bipartisan infrastructure bill’s proposed crypto tax reporting clauses “unworkable”. He pledged to amend the terms.
In a press statement regarding the same, he said,
Congress should not rush forward with this hastily-designed tax reporting regime for cryptocurrency, especially without a full understanding of the consequences.
About this, he pointed out that, for one, the text’s definition of a broker is too broad. It affects non-financial services parties such as bitcoin miners, that the senator noted should be exempt. Other than this, he said non-custodial services would also struggle to file proper identification forms with the IRS.
Moreover, as per a source close to the matter, Toomey is now on the lookout for a democratic senator to partner with. The two will work together to amend the bill. He also shared the matter on his official Twitter account.
The bipartisan infrastructure package includes a hastily-designed tax reporting regime for cryptocurrency. Simply put, the text is unworkable. I plan to offer an amendment to fix it. https://t.co/LD1Bfwh4yh
— Senator Pat Toomey (@SenToomey) August 2, 2021
This statement by the top Republican senator stressed two crucial things. It emphasizes both the importance of the bill and the complexity that needs to be considered when drafting it. Keeping this in mind, it’s safe to say that the $1 trillion dollar infrastructure bill won’t come easy.