On Senate Floor, Portman Discusses Cryptocurrency Provision in Infrastructure Investment & Jobs Act

August 8, 2021 | Press Releases

WASHINGTON, DC – Today on the Senate floor, U.S. Senator Rob Portman (R-OH) discussed the ongoing efforts to provide greater clarity and certainty for the cryptocurrency industry as part of the bipartisan Infrastructure Investment & Jobs Act currently under consideration by the Senate. Portman explained how there is a consensus in Washington and across the country that better and more consistent information reporting on cryptocurrency transactions is a key part of allowing this technology to continue to grow in a healthy and sustainable way. To do that, this legislation requires cryptobrokers responsible for regularly providing any service effectuating transfers of digital assets like cryptocurrency, which for tax purposes means a sale on behalf of someone else, to issue a Form 1099-B to their customers in line with traditional assets like stocks and bonds.

While Portman agrees with the assessment of the Treasury Department, the nonpartisan Congressional Joint Committee on Taxation and others that the current language is clear and that the reporting requirements only covers brokers, he also expressed his support for providing further clarity on the issue.  With his fellow senators, the Biden administration, and others, he continues to work to find a bipartisan solution that provides certainty for law-abiding taxpayers while avoiding potential loopholes for bad actors.

A transcript of his remarks can be found below and a video can be found here.