The senators involved in filing crypto amendments to the infrastructure bill have finally reached a compromise.
Although Senate Majority Leader Chuck Schumer blocked any further amendments to the bill, the new compromise draft could still be added to HR 3684 via a unanimous consent request.
Senator Pat Toomey revealed in a Monday press conference that the lawmakers had reached a bipartisan agreement on an amendment to the infrastructure bill, backed by himself, Cynthia Lummis, Rob Portman, Ron Wyden, Mark Warner, and Kyrsten Sinema.
Senators Toomey and Lummis Hold Press Conference on Agreement to Fix Digital Asset Reporting Requirements in the Infrastructure Bill https://t.co/oqJLIIIQw7— Senator Pat Toomey (@SenToomey) August 9, 2021
According to the Pennsylvanian lawmaker, the new amendment would exclude node operators, software developers, and transaction validators from the scope of a “broker.” Meanwhile, tax reporting requirements “should only apply to the intermediaries.” He explained:
We’re not proposing anything sweeping or anything radical. Our solution makes clear that a broker means only those persons who conduct transactions where consumers buy, sell and trade digital assets.Toomey was quick to admit that he does not think that the move is a perfect solution. However, it appears to be better than the draconian underlying text, which does not define the scope of the term “broker.”
Jerry Brito, the head of crypto think tank Coin Center, shared some of the text of the modified amendment, showing that the definition of “broker” will be modified to “any person who regularly effectuates transfers of digital assets on behalf of another person.”
1/ There is now a compromise amendment being offered by Senators Toomey, Lummis, Warner, Portman, and Sinema that we think all senators should support.— Jerry Brito (@jerrybrito) August 9, 2021
Under Senate rules, the amendment could be passed later on Monday if no senator objects to the motion.