Senators have been negotiating over the amendment language in a cryptocurrency tax reporting provision of the Infrastructure Investment and Jobs Act, which is one of many offsets designed to pay for the costs of the bill. A new Amendment from Senator Mark Warner (D-VA) and Krysten Sinema (D-AZ), that according to reports in the Washington Post, is being pushed by the Treasury Department and the current Administration, was updated to exclude proof-of-stake validators as well as proof-of-work cryptocurrency miners from the crypto tax reporting provision. Warner noted to reporters that this was likely the final list of exemptions, which leaves software developers and decentralized platforms exposed to the new statute, should it pass. Senator Mark Warner, a Democrat from Virginia, speaks during a news conference in the Dirksen Senate ... [+] Office Building in Washington, D.C., U.S., on Wednesday, July 28, 2021. This amendment does seek to offer protection for software developers, hardware manufacturers, and bitcoin miners.

Source: Forbes August 08, 2021 04:07 UTC