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.

Aug 6, 2021 at 1:08 p.m. UTC
Updated Sep 14, 2021 at 1:36 p.m. UTC

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.

  • 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. 

UPDATE (August 6, 14:31 UTC): Updated with additional details in the third and fourth bullet points.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
Fireblocks Deploys ‘Web3 Engine’ for Firms Eyeing GameFi, NFTs

The custody and wallet tech provider is looking to expand beyond institutions involved in DeFi to a broader developer community around gaming, social media and entertainment.

The custody and wallet tech provider is looking to expand beyond institutions involved in DeFi to a broader developer community around gaming, social media and entertainment.

2
A16z Addresses Downturn in Inaugural State of Crypto Report

The inaugural report discussed Web 3 trends and why Ethereum remains the dominant blockchain.

The inaugural report discussed Web 3 trends and why Ethereum remains the dominant blockchain.

3
Citi Says Fallout From Terra Collapse Unlikely to Hit Wider Financial System

Recent weakness in bitcoin and equities looks contemporaneous and doesn’t show any lag or lead effect, the bank’s analysts said.

Recent weakness in bitcoin and equities looks contemporaneous and doesn’t show any lag or lead effect, the bank’s analysts said.

4
Coinbase Pares Back Hiring Plans Amid Weak Earnings, Poor Market Condition

The exchange previously planned to hire as many as 2,000 employees earlier this year.

The exchange previously planned to hire as many as 2,000 employees earlier this year.