Crypto miners and software developers hoping to avoid new Internal Revenue Service reporting rules are getting help from a group of key senators.
Legislation introduced Wednesday by a mix of Republicans and Democrats including Senators Pat Toomey, Cynthia Lummis, Rob Portman, Kyrsten Sinema, and Mark Warner would exempt the firms from being considered crypto “brokers.” Under a 2021 law, the label could trigger requirements to collect information on customers’ capital gains and losses and other transaction data.
