Senator Pat Toomey of Pennsylvania has released a statement that calls the wording on crypto taxation in the bipartisan infrastructure bill unworkable and says he will propose an amendment.
In a statement released on Aug 2, U.S. Senator Pat Toomey of Pennsylvania criticized the much-discussed bipartisan infrastructure bill that would tax the cryptocurrency asset class. Toomey advised Congress not to rush into a decision and that a hastily designed tax regime should not be implemented without a full understanding of consequences.
The Republic senator went so far as to say that the “text is unworkable.” His primary criticism relates to the overly broad definition of a broker, which could unnecessarily envelop miners, validators, and other service providers. These non-financial intermediaries entities, he says, do not take control of a consumer’s assets or record identity-related information.