Click below to tell Mike Crapo to support pro-crypto policies
Sen. Mike Crapo has 2 statement(s) about crypto.
"Section 80603 of the IIJA standardizes information reporting by brokers of digital assets to the Internal Revenue Service (IRS) for tax purposes by modifying Section 6045 of the Internal Revenue Code. The aim of this provision is to provide more certainty for Americans looking to invest in these digital assets, ensuring that crypto investors receive the same tax documents, generally a Form 1099-B, from their brokers that stock tradersreceive, which in turn will enable them to file their taxes more easily and promote higher compliance. This provision is one of the first efforts by the Federal government to better incorporate digital assets, like virtual currency, into our nation’s tax code. Some market participants have expressed concern that an overly-broad interpretation of this provision’s definition of “broker” could capture certain individuals who are solely involved with validating distributed ledger transactions through mining, staking, or other methods, and entities solely providing software or hardware solutions enabling users to maintain custody of their own digital asset wallets. As Senator Portman and Senator Warner articulated in a colloquy on the floor of the Senate on August 9, 2021, “the purpose of this provision is not to impose new reporting requirements on people who do not meet the definition of brokers.” Further, our understanding from both the Administration and the Joint Committee on Taxation is that they shared the same interpretation of the provision as its authors: that the reporting requirements only cover brokers who enable the transfer of digital assets for consideration —and not other parties which are ancillary to the process unless they are serving in an additional capacity as brokers."
"Agencies must conduct rulemaking under the Administrative Procedure Act, which incorporates process and transparency designed to ensure that the public and all affected by a proposed rule have the opportunity to provide comment, resulting in sound, well-designed regulations. The SEC's approach to the emerging crypto market has not promoted process, transparency, or public engagement. Instead, the Commission has led with enforcement and relied on staff guidance, citing purported "increased risks" presented by crypto. The SEC's job is to mitigate these risks first by developing a knowledge base through engagement with the industry and market participants, then by proposing rules, and, once the risks and rules are clear, only then ensure compliance through enforcement. A comprehensive custody regime, tailored to the unique properties of digital assets, could provide a clear regulatory framework and legal protections for investors. Investor protection is a core obligation of the Commission and should not be left to a back-door staff-led approach that creates more questions than answers."
Sen. Mike Crapo has put out 0 crypto bills.
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