Rep. Anna Eshoo (D-CA-18) highlighted her worries about a controversial new clause on crypto tax reporting to Speaker Nancy Pelosi.
The measure was tacked on to the much-debated infrastructure package, which would invest more than $1 trillion in the country’s infrastructure. It was passed by the Senate earlier this week and will be considered by the House later this year.
The bill, according to Eshoo, “imposes new reporting requirements on miners, validators, developers who are unable to fulfill these criteria.” In the bill, she was referring to broadening the definition of “broker” for tax reporting purposes. The current language is broad enough to include crypto miners, validators, and software developers. Several adjustments were proposed, some of which excluded miners expressly, but none of them were passed.
Both progressive and conservative lobbyists for the bitcoin industry have contested this portion of the bill. They say that miners and validators are at the heart of Web 3 infrastructure, and will be identified by the government.
Also Read: US Senate Passed its Latest Infrastructure Bill to the House
This is hampered by the fact that miners have no method of getting information about the traders initiating new transactions. The Electronic Frontier Foundation, a non-profit, has called it a “disaster for digital privacy.”
Eshoo represents the 18th congressional district in California, which includes part of Silicon Valley. #DontKillCrypto, the hashtag at the end of today’s tweet, emphasized her point.
