Sen. Ted Cruz (R-TX) blasted fellow lawmakers for attempting to regulate cryptocurrency despite their alleged ignorance on the subject.
The $1.2 trillion Infrastructure Investment and Jobs Act contains a provision that would amend the Internal Revenue Code by introducing a “return requirement for certain transfers of digital assets not otherwise subject to reporting.” Cryptocurrencies such as bitcoin, ethereum, and dogecoin would therefore be affected by the legislation.
Many found the term “broker” as defined by the provision to be ambiguous, raising questions about the infrastructure bill’s effects upon the nascent industry. On Monday, Sen. Pat Toomey (R-PA), Sen. Cynthia Loomis (R-WY), and other lawmakers introduced an amendment that would alter the definition of “broker” so that software developers and transaction validators would not be subject to the new requirements.
