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Janet Yellen Has Been Lobbying Against Wyden-Lummis-Toomey Crypto Amendment: Report
Senators had hoped to pass the bipartisan bill on Thursday night, but issues remained unresolved around the cryptocurrency regulations.
U.S. Treasury Secretary Janet Yellen has been lobbying against cryptocurrency legislation being proposed by Sen. Ron Wyden (D-Ore.) and other senators as part of the bipartisan infrastructure bill, according to a Washington Post report published on Friday.
STORY CONTINUES BELOW
- Yellen spoke with Wyden on Thursday to push back against the attempt to limit a proposal in the bill that would increase federal regulation of cryptocurrencies, according to the publication, citing two people familiar with the matter.
- Senators Wyden, Cynthia Lummis (R-Wyo.) and Pat Toomey (R-Pa.) proposed their amendment on Wednesday to ensure that miners, node operators, developers and other non-custodial crypto industry participants are exempt from the crypto tax reporting provision.
- The White House is officially supporting a competing amendment sponsored by Senators Mark Warner (D-Va.) and Rob Portman (R-Ohio) that excludes proof-of-work miners from the reporting provision.
- “We believe that the alternative amendment put forward by Senator Warner, Portman and Cinema strikes the right balance and makes an important step forward in promoting tax compliance,” the White House said in a tweet Thursday evening.
- Senators had hoped to pass the bipartisan bill on Thursday night, but debate continued and issues remained unresolved around the cryptocurrency regulations.
- A Treasury spokesperson declined to comment on the matter when contacted by CoinDesk.
Read more: Senator Who Wrote Controversial Crypto Tax Rule Proposes Modest Revision
UPDATE (August 6, 14:31 UTC): Updated with additional details in the third and fourth bullet points.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
