US Lawmakers Challenge Infrastructure Bill's Definition of 'Broker'

A group of United States representatives have challenged the infrastructure bill's definition of "broker," believing it to be incompatible with the crypto ecosystem.

The 11 representatives, which include Patrick McHenry (R-N.C.), Tim Ryan (R-Ohio) and Tom Emmer (R-Minn.), have written to Secretary of the Treasury Janet Yellen asking for clarity on how the Infrastructure Investment and Jobs Act defines a broker.
The bill, according to the letter dated Jan. 26, "affords the Department of Treasury the ability to interpret who within the digital asset ecosystem qualifies as a 'broker.' This subjective interpretation has the potential to reach those beyond the intent of Congress."
As an alternative, the representatives propose following a definition which avoids placing "unworkable customer reporting obligations" on parties who do not in fact have customers, such as crypto miners and stakers.
The act, which passed in Congress last November and was signed into law by President Biden, contains a number of crypto provisions, with one imposing reporting requirements on brokers.
Similar concerns over how the act defines a broker were raised previously, with a group of six senators penning an open letter to Yellen in December.

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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

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