Gatsby (R-NY) strikes again
When a progressive White House needs backup in the Senate against obstructionist Republicans, it can always count on Ron Wyden.
Finance Committee Chairman Ron Wyden (D-Ore.), senior tax writer Pat Toomey (R-Pa.) and Sen. Cynthia Lummis (R-Wyo.) want to narrow who would be subject to new tax reporting requirements that are intended to improve tax compliance among those trading digital currencies.
Echoing concerns from the cryptocurrency industry, they say the legislation’s definition of who counts as a “broker” — and therefore subject to the new rules — is overly broad, and will sweep in too many unintended targets. They want to amend the legislation to specifically exclude people like software developers.
But the administration, which had advised the larger bipartisan group of lawmakers who put together the infrastructure plan, calls that bunk.
It believes the industry is using scare tactics to try to water down the requirements, a senior administration official said, speaking on condition of anonymity. And the administration believes the proposed changes are significant enough to put a dent in the $28 billion budget forecasters anticipate the provisions raising for the $550 billion infrastructure plan.
Wyden isn't a real Democrat, and he doesn't really live in Oregon. But he gets re-elected time and time again, thanks in part to the sainthood he enjoys in the local media. It's embarrassing.
That's a knee-jerk take. Very Portland of you. Dems creating an overbroad definition of broker would stifle development of crypto and push it offshore. This would be a big win for big banks. Wyden is doing the progressive thing here.
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