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US Senators are preparing new crypto law


 

In the US, six bipartisan senators wrote a letter to the Treasury Department criticizing a bill. It's about the “broker” definition, which is also a thorn in the side of Crpyto-Space.

The infrastructure law, in which some passages of said senators disapprove, is to come into force in 2024. The Infrastructure Investment and Jobs Act (IIJA), initiated by the Biden administration, is a law that imposes transaction reporting requirements on crypto companies and protocols alike.

According to the law, mining companies are also supposed to be brokers

However, the draft law continues to meet with criticism. This is aimed in particular at the use of the term “broker” and the requirements that are to apply to the institutions referred to. Because the draft does not only apply to crypto exchanges. It should also apply to mining companies, wallet companies, and others that do not directly process cryptocurrency transactions. The six senators also criticize this view in their letter to US Treasury President Janet Yellen. 


The purpose of this provision is not to impose new reporting requirements on persons who do not fall under the definition of brokers. The reporting requirements only apply to financial brokers who enable the transfer of digital assets for consideration and not to other parties involved in the process

US Senators in Open Letter 

the six senators argue. They come from both sides of the political spectrum: Senators Rob Portman (Ohio), Mike Crapo (Idaho), Pat Toomey (Pennsylvania), and last but not least Cynthia Lummis (Wyoming) are Republicans, while Mark R. Warner ( Virginia) and Kyrsten Sinema (Arizona) are Democrats. It would certainly be good news for the crypto space if the six senators were to push through their common cause against the bill. Because the letter shows that there is resistance to an overly broad reporting law not only within the crypto industry itself, but also within the US government.

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