Sen. Lummis Mounts Last-Ditch Effort to Modify Crypto Broker Language

With Biden’s signature imminent, the Wyoming senator is trying once more to narrow the bill’s “broker” scope.

AccessTimeIconNov 15, 2021 at 5:37 p.m. UTC
Updated May 11, 2023 at 6:38 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Sen. Cynthia Lummis (R-Wyo.) on Monday mounted a last-ditch effort to narrow the bipartisan infrastructure bill’s crypto broker clause. The bill is expected to become law later today when signed by President Joe Biden.

Lummis, an ardent crypto advocate, introduced a bill to rewrite a controversial tax provision that critics have said would stifle the U.S. crypto industry. In its place she proposed language that appeared similar to a compromise agreement considered earlier this year.

The proposed language would exempt blockchain validators, non-custodial hardware or software vendors and protocol developers from the definition of “broker” and its myriad tax implications.

As it currently stands, the bipartisan infrastructure bill defines “any person who is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person” as a broker.

“We need to be fostering innovation, not stifling it, if we are going to maintain America’s position as the global financial leader,” Lummis said in a statement. “I’m proud to introduce this bipartisan bill to ensure that our tax system reflects the realities of digital assets and distributed ledger technology.”


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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Danny Nelson

Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.