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Rob Portman

Rob Portman (R)

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Notable statements

Sen. Rob Portman has 3 statement(s) about crypto.

"Appreciate the Treasury Department affirming that crypto miners, stakers and those who sell hardware and software for wallets are not subject to tax reporting obligations. As I have said from the start, this requirement only applies to brokers."

@senrobportman February 11, 2022 on Twitter

"I agree with Senators Wyden, Toomey, Lummis that we can do more to clarify the intent of the cryptocurrency provision & the Senate should vote on their amendment."

@senrobportman August 5, 2021 on Twitter

"Digital assets like bitcoin and other cryptocurrencies are a rapidly growing part of our economy. The underlying distributed ledger and blockchain technology has many applications, and Congress should prioritize policies that fuel innovation & growth in the crypto space. The infrastructure bill includes a provision that helps accomplish that goal. It standardizes information reporting by crypto-brokers to the IRS for tax purposes – the same way it’s done for stock trades. This will make it easier for folks to determine & pay their tax bill. The legislation does not impose new reporting requirements on software developers, crypto miners, node operators or other non-brokers. It simply says that brokers must comply with standard information reporting obligations. Which many already do! This common-sense provision will provide clarity and legitimacy for the industry, make life easier for everyday Americans, and help ensure that the US remains a global leader in crypto innovation and development."

@senrobportman August 3, 2021 on Twitter

Crypto bill sponsorship

Sen. Rob Portman has put out 2 crypto bills.

United States Innovation and Competition Act of 2021

S. 1260

117th Congress

Co-sponsored
Bill pending

This bill addresses U.S. technology and communications, foreign relations and national security, domestic manufacturing, education, trade, and other matters.

Among other provisions, the bill

  • provides funding for FY2022-FY2026 to support U.S. semiconductor manufacturing, research and development, and supply chain security;

  • provides funding for wireless supply chain innovation;

  • establishes a Directorate for Technology and Innovation in the National Science Foundation;

  • extends through 2025 the authority of the National Aeronautics and Space Administration (NASA) to lease its non-excess real property and related personal property;

  • authorizes various programs and policies related to space exploration;

  • authorizes various international affairs programs and activities, including foreign assistance for the Indo-Pacific region;

  • requires federal infrastructure programs to provide for the use of materials produced in the United States;

  • imposes sanctions on China for cybersecurity and human rights abuses;

  • requires the Department of Health and Human Services to consider national security risks associated with sensitive genetic information;

  • includes initiatives related to elementary and secondary education, including those to increase computer science education;

  • contains provisions related to higher education, including those reauthorizing through FY2027 international education programs and addressing China's influence on institutions of higher education;

  • modifies and expands the schedule for graduated merger filing fees;

  • prohibits federal funding for the Wuhan Institute of Virology;

  • requires the U.S. Trade Representative to take certain actions related to digital trade and censorship practices; and

  • extends through 2027 the Generalized System of Preferences.

To Revise the Definition of a Broker for Purposes of Certain Reporting Requirements with Respect to Digital Asset Transfers under the Internal Revenue Code of 1986, and for Other Purposes

S. 4751

117th Congress

Co-sponsored
Bill pending

A summary is in progress.

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