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Portman Announces Support for Narrowed Crypto Tax Rule

Sen. Rob Portman is believed to have authored the original crypto tax reporting provision with support from the Biden administration

U.S. Sen. Rob Portman (R-Ohio), one of the leaders of a bipartisan negotiation team that drafted a $1 trillion infrastructure bill, said he supports an amendment that would narrow the tax reporting requirements on crypto businesses.

The original provision, which sought to raise about $28 billion from the industry, would have enforced wider information reporting rules on crypto brokers and broadened the definition of brokers to any entity that provides digital asset transfer services. Industry participants worried that the provision would include miners, node operators/validators, software developers and hardware manufacturers, among others, rather than just trading platforms like exchanges or over-the-counter trading desks that actually provide the transfer services.

Sens. Ron Wyden (D-Ore.), Cynthia Lummis (R-Wyo.) and Pat Toomey (R-Penn.) proposed an amendment on Wednesday that would exempt the non-custodial business functions.

Portman – who previously defended the original provision and said it wouldn’t affect companies like miners – tweeted his support for the new amendment on Thursday, calling on the Senate to vote on the move.

However, the Joint Committee on Taxation (JCT), which projected the original $28 billion figure, reportedly said the amendment could knock about $5 billion off the actual amount of tax revenue generated.

source of news COİNDESK

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