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  • Wyden Lummis Toomey Crypto Amendment

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    Zerohedge
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    This amendment proposes revisions to the rule of construction regarding information reporting for brokers of digital assets. It specifies that persons solely engaged in validating transactions, selling hardware/software to control private keys, or developing digital assets are not considered brokers. It also states that this amendment should not be construed as creating any inference about whether a person is a broker or whether digital assets are specified securities, for any period before this amendment takes effect.

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    Wyden Lummis Toomey Crypto Amendment

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    This amendment proposes revisions to the rule of construction regarding information reporting for brokers of digital assets. It specifies that persons solely engaged in validating transactions, selling hardware/software to control private keys, or developing digital assets are not considered brokers. It also states that this amendment should not be construed as creating any inference about whether a person is a broker or whether digital assets are specified securities, for any period before this amendment takes effect.

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    © All Rights Reserved
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    42K views3 pages

    Wyden Lummis Toomey Crypto Amendment

    Uploaded by

    Zerohedge
    This amendment proposes revisions to the rule of construction regarding information reporting for brokers of digital assets. It specifies that persons solely engaged in validating transactions, selling hardware/software to control private keys, or developing digital assets are not considered brokers. It also states that this amendment should not be construed as creating any inference about whether a person is a broker or whether digital assets are specified securities, for any period before this amendment takes effect.

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    © All Rights Reserved
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    of 3

    GAI21889 9JD S.L.C.

    AMENDMENT NO.llll Calendar No.lll


    Purpose: To revise the rule of construction with respect to
    information reporting for brokers and digital assets, and
    for other purposes.

    IN THE SENATE OF THE UNITED STATES—117th Cong., 1st Sess.

    H. R. 3684

    To authorize funds for Federal-aid highways, highway safety


    programs, and transit programs, and for other purposes.
    Referred to the Committee on llllllllll and
    ordered to be printed
    Ordered to lie on the table and to be printed
    AMENDMENT intended to be proposed by Mr. WYDEN (for
    himself and Ms. LUMMIS) to the amendment (No. 2137)
    proposed by Ms. SINEMA (for herself and Mr. PORTMAN)
    Viz:
    1 On page 2437, strike lines 9 through 21 and insert
    2 the following:
    3 (d) RULE OF CONSTRUCTION.—
    4 (1) DEFINITION OF BROKER.—Nothing in this
    5 section or the amendments made by this section
    6 shall be construed to create any inference that a per-
    7 son described in section 6045(c)(1)(D) of the Inter-
    8 nal Revenue Code of 1986, as added by this section,
    9 includes any person solely engaged in the business
    10 of—
    GAI21889 9JD S.L.C.

    2
    1 (A) validating distributed ledger trans-
    2 actions,
    3 (B) selling hardware or software for which
    4 the sole function is to permit a person to con-
    5 trol private keys which are used for accessing
    6 digital assets on a distributed ledger, or
    7 (C) developing digital assets or their cor-
    8 responding protocols for use by other persons,
    9 provided that such other persons are not cus-
    10 tomers of the person developing such assets or
    11 protocols.
    12 (2) BROKERS AND TREATMENT OF DIGITAL AS-

    13 SETS.—Nothing in this section or the amendments


    14 made by this section shall be construed to create any
    15 inference, for any period prior to the effective date
    16 of such amendments, with respect to—
    17 (A) whether any person is a broker under
    18 section 6045(c)(1) of the Internal Revenue
    19 Code of 1986, or
    20 (B) whether any digital asset is property
    21 which is a specified security under section
    22 6045(g)(3)(B) of such Code.
    23 SEC. 80604. SENSE OF CONGRESS.

    24 It is the sense of Congress that nothing in the amend-


    25 ments made by section 80603 shall be construed to have
    GAI21889 9JD S.L.C.

    3
    1 any effect on the Securities Act of 1933 (15 U.S.C. 77a
    2 et seq.) or the Securities Exchange Act of 1934 (15 U.S.C.
    3 78a et seq.).
    4 SEC. 80605. TERMINATION OF EMPLOYEE RETENTION

    5 CREDIT FOR EMPLOYERS SUBJECT TO CLO-

    6 SURE DUE TO COVID–19.

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