Biden Conspires With The IRS — See What They’re Up To Now

A “disastrous” amendment supported by President Biden and put forward by Republican Senator Rob Portman (OH) and Democrat Senator Mark Warner (VA) might crush the cryptocurrency industry, industry officials and lawmakers say.

Republican Senator Rob Portman (OH) proposed the $30 billion “pay for” in the $1.2 trillion alleged “bipartisan” bill. The measure has an overly large definition of a “broker” that many people say could harm innovation and send American jobs to other nations.

To address the issues surrounding Portman’s proposal, Republican Senator Cynthia Lummis (WY) and Democrat Senator Ron Wyden (OR) proposed the amendment that would deal with the concerns by requiring that miners, who maintain the crypto networks, and the creators of the hardware and software used to self-custody digital assets, do not have to abide by IRS reporting requirements.

Republican Senator Pat Toomey (PA), the top member of the Senate’s Banking Committee, also supported the Lummis-Wyden ammendment.

However, despite the crypto industry’s strong backing for the Lummis-Wyden-Toomey amendment, Warner and Portman proposed a different amendment that would deal with all issues with Portman’s initial measure.

Jerry Brito, the current director of the crypto think tank Coin Center, stated that the Warner-Portman amendment was “disastrous” and would not exclude software programmers from brokerage reporting:

Brito said that the Warner-Portman amendment would only exclude proof-of-work mining, which is used for the mining of Bitcoin, and not mining known as proof-of-stake, which is used for mining Ethereum. Ethereum is the current second most comment cryptocurrency after Bitcoin.

The Blockchain Association also stressed that the amendment would come up against the Lummis-Wyden amendment and thereby split the overall support for Lummis-Wyden:

Toomey said he agreed that the Portman-Warner amendment was “disastrous” for the cryptocurrency industry.

“He’s right,” Toomey stated about Brito’s comments.

The Biden Admin. announced they would be supporting the Portman-Warner amendment over the crypto insider favored Lummis-Wyden amendment:

Republican Congressmen Ted Budd (NC), Warren Davidson (OH), Tom Emmer (MN), Darren Soto (FL), William Timmons (SC), and Anthony Gonzalez (OH) urged their fellow lawmakers to stop the Lummis-Wyden-Toomey amendment to “guarantee innovation thrives in America.”

Author: Steven Sinclaire