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Senators propose half-assed bill to fix the two crypto amendments from Biden’s infrastructure bill (broker provision – yes; Section 6050I – no)

Senators propose half-assed bill to fix the two crypto amendments from Biden’s infrastructure bill (broker provision – yes; Section 6050I – no)



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  1. There are two provisions in Biden’s infrastructure bill that affect crypto:

    1. The definition of brokers
    2. an [amendment to tax code section 6050I](https://www.decential.io/features/defi-and-the-digital-asset-felony-hidden-in-the-infrastructure-bill), and it requires certain “recipients” of digital assets valued over $10,000 to report the sender’s name, address, and Social Security number to the government

    The new bill proposed today by senators Wyden and Lummis is very short (3 pages, it’s embedded in [the article](https://www.theblockcrypto.com/linked/124388/senators-wyden-and-lummis-to-introduce-crypto-amendment-to-bidens-infrastructure-bill)), and only excludes individuals developing blockchain technology from the definition of “broker”. It says absolutely nothing about the amendment to tax code section 6050I.

    So let’s say you are selling something worth more than $10,000 in Bitcoin. You would need to report the buyer’s full name, birth date, address, Social Security number, and occupation, within 15 days. Failure to do so is a **felony** and punishable by 5 years in jail.

    Did Wyden and Lummis not know about this? Do they agree with it?

  2. tldr; Senate Finance Committee Chairman Ron Wyden and Senator Cynthia Lummis have plans to introduce a new bill that would reverse some of the cryptocurrency provisions in the recently-passed bipartisan infrastructure package. The bill seeks to exclude individuals developing blockchain technology from having to report information about their users to government agencies. It comes as President Joe Biden is slated to sign the bill into law this afternoon.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

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