Nancy Pelosi

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US House of Reps to deliver verdict on infrastructure bill this week

September 27, 2021 Coin Telegraph

Coin Telegraph

While Speaker Nancy Pelosi expects the infrastructure bill to pass, the Democrats are divided on whether to pass the legislation before the terms of a follow-up $3.5 trillion package is finalized.

According to Reuters, Pelosi expressed confidence the legislation will pass upon announcing the date on Sunday, Sept. 26, stating: “Let me just say that we're going to pass the bill this week." Earlier that same day she reportedly indicated she would not bring the bill to a vote unless she believed it would pass.

Speaker of the U.S. House of Representatives Nancy Pelosi announced that the house will vote on whether to pass the Biden administration’s controversial $1 trillion bipartisan infrastructure bill on Thursday, Sept. 30.

“Tomorrow, September 27, we will begin debate on the Bipartisan Infrastructure Framework on the Floor of the House and vote on it on Thursday, September 30.”

Pelosi noted the vote is slated to take place the day before the Surface Transportation Reauthorization Act of 2021 is set to expire.

While the legislation passed through the Senate with bipartisan support on Aug. 10, provisions contained in the bill mandating stringent counterparty reporting requirements for decentralized network validators and software developers who would not possess the information needed to comply.

Although the bill passed on Aug. 10, an amendment put forward by Senator Pat Toomey that saw bipartisan support from Senators Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema and Ron Wyden sought to exempt validators, developers and node operators from the law.

To the chagrin of the crypto community, the lone objection of Alaman Senator Richard Shelby stopped the amendment from being added to the legislation.

However, the infrastructure bill faces opposition from some lawmakers who believe it should be held back until negotiations have ended regarding the follow-up $3.5 trillion social welfare and climate bill.

With the price of the second bill perturbing some Democrats, Pelosi indicated it is “self-evident” that the bill could be reduced in scope.

“We are now working together with the Senate and the White House on changes to this historic legislation,” she said. “[$3.5 trillion] was the number that was sent to us by the Senate and by the president. Obviously with negotiation, there has to be some changes in that the sooner the better, so that we can build our consensus to go forward.”

Infrastructure bill set for a vote by Sept. 27 with no changes to crypto tax provisions

August 25, 2021 Coin Telegraph

Coin Telegraph

The House of Representatives will vote on the controversial infrastructure bill without amendments to its cryptocurrency provisions by Sept. 27.

The controversial $1 trillion infrastructure bill will see a vote in the U.S. House of Representatives without any amendments to the crypto tax provisions by Sept. 27.

The vote was agreed to after the House narrowly approved the Democrats’ $3.5 trillion budget blueprint in a vote of 220 to 212. Despite some initial pushback from moderate Democrats, the dissident voters were swayed after House Speaker Nancy Pelosi committed to pass the bill before Sept. 27. Pelosi stated:

“I am committing to pass the bipartisan infrastructure bill by September 27. I do so with a commitment to rally House Democratic support for its passage.”

In late July, last-minute cryptocurrency provisions were added to the infrastructure bill in a bid to raise a further $28 billion through expanded tax obligations for the crypto sector.

However, the loose language contained in the bill sent shockwaves across the crypto community and analysts believe it will impose stringent third-party reporting requirements on network validators and software developers who would be unable to comply with the newly mandated obligations.

The Senate appeared poised to pass compromise amendments to the bill that would specifically exempt network validators and software developers in early August, but owing to one dissenting Senator the legislation ultimately passed through the Congress without alteration.

However, a Treasury Department official has sought to offer the crypto industry a glimmer of hope, telling CNBC that reporting requirements will not be imposed on entities that are unable to comply.

The anonymous official indicated that the Treasury intends to conduct detailed research to understand which actors within the crypto sector can adhere to the new reporting requirement.

However, the official's comments were of little comfort to Coin Center executive director Jerry Brito, who emphasized that the bill’s language currently requires reporting on transfers as well as trades. Brito also highlighted that any crypto transaction valued at more than $10,000 will need to be reported to the Internal Revenue Service alongside personal information on the counterparty.

“I appreciate that it seems to be Treasury’s intention to get this right [...] but please don’t accept the narrative that folks in crypto are overreacting about this provision,” he added.

Commenting on the lack of amendments to the infrastructure bill, executive director of The Blockchain Association, Kristin Smith, described the events as “unfortunate but unsurprising.”

“However, this is not the end of the process,” she stated, adding:

“The Blockchain Association, our 46 member companies and the newly-energized, nationwide crypto community will rededicate our energy to supporting technology-neutral, pro-crypto legislation and regulation — on this specific tax issue as well as broader crypto policy.”

Members of Congress lobby Nancy Pelosi and others to amend crypto tax definition

August 13, 2021 Coin Telegraph

Anna Eshoo

Anna Eshoo has urged the House to amend the language in the controversial infrastructure bill.

A Californian congresswoman has written to Speaker Nancy Pelosi expressing concerns about the controversial new mandate for crypto tax reporting.

Anna Eshoo, who represents California's 18th Congressional District, penned a letter to the Democratic party speaker of the United States House of Representatives, Nancy Pelosi, on Aug. 12.

In it, she urged Pelosi to amend the cryptocurrency broker definition in the Senate’s controversial infrastructure bill. Eshoo claims that miners, validators, and developers of wallets would be unable to comply with the crypto tax reporting requirements.

Today I urged Speaker Pelosi to amend the cryptocurrency broker language in the Senate’s infrastructure bill.

The legislation imposes new reporting requirements on miners, validators & developers of wallets who would be unable to comply with these requirements. #DontKillCrypto pic.twitter.com/TSmSL21D5z
— Rep. Anna G. Eshoo (@RepAnnaEshoo) August 12, 2021

Last-minute additions to the bipartisan infrastructure deal saw lawmakers propose expanded cryptocurrency taxation to raise an additional $28 billion in revenue. It will impose additional reporting requirements on any crypto company or organization deemed to be a “broker.”

The disputed bill defines “brokers”, who must report certain transactions to the Internal Revenue Service, as “any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.”

Eshoo is among numerous U.S. lawmakers such as Senators Pat Toomey, Cynthia Lummis and Ron Wyden, who assert that miners, stakers, validators, software developers and hardware manufacturers should not fall into this broadly termed category. In the letter, she stated:

“In the decentralized system of cryptocurrencies, these individuals and entities do not know who the buyers and sellers are and would be unable to comply with the broker requirements.”

The wording of the bill isn't finalized yet, and the latest text still needs to clear the U.S. House of Representatives, and several House members have already called for changes.

Congressman Tom Emmer, who introduced the Security Clarity Act in mid-July, alongside his co-chairs on the House's bipartisan Blockchain Caucus, circulated a letter on Monday to fellow representatives that urged updates to the language.

“Cryptocurrency tax reporting is important, but it must be done correctly. We must prioritize amending this language to clearly exempt noncustodial blockchain intermediaries and ensure that civil liberties are protected.”

Eshoo is largely in agreement, stating that tax evasion should be addressed, before adding “the House must amend the bill to meet this goal without stifling innovation in a nascent industry by imposing unworkable regulations.”

On Aug. 10, the bill was passed without clarification on crypto or any amendments after a single senator objected to amendments being voted upon.

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