Does Rob Portman Support Crypto?

Rob Portman

@robportmanOH

I'm pleased to announce that Senators Warner, Toomey, Sinema, Lummis & I have reached an agreement on an amendment to clarify IRS reporting rules for crypto transactions w/o curbing innovation or imposing information reporting requirements on stakers, miners, or other non-brokers

2021-08-09T16:34:50.000Z

Rob Portman

@robportmanOH

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.

2021-08-05T15:45:15.000Z

Rob Portman

@robportmanOH

Today, Senator Sinema and I entered the nonpartisan Joint Committee on Taxation technical explanation of Section 80603: information reporting for brokers and digital assets of the Infrastructure Investment and Jobs Act into the record. portman.senate.gov/sites/default/…

2021-08-04T01:11:06.000Z

Rob Portman

@robportmanOH

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.

2021-08-03T23:07:11.000Z

Rob Portman

@robportmanOH

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.

2021-08-03T23:07:10.000Z

Rob Portman

@robportmanOH

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!

2021-08-03T23:07:10.000Z

Rob Portman

@robportmanOH

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.

2021-08-03T23:07:10.000Z