Senator Lummis Releases Statement on Treasury Crypto Asset Tax Rule

August 25, 2023

WASHINGTON, D.C. — Today, U.S. Senator Cynthia Lummis (R-WY) released the following statement after the U.S. Department of Treasury unveiled its crypto asset broker tax reporting rules. 

“I’m encouraged to see the Treasury Department finally unveiling its rules regarding tax reporting requirements for crypto asset brokers and that the rule clearly excludes many miners, stakers, validators and wallet providers from its scope. However, I have serious concerns about the rule’s potential impact on decentralized crypto asset exchanges and its treatment of U.S. dollar-backed stablecoins. I encourage everyone impacted by this rule to submit comments on the rule to the Department of Treasury and the Internal Revenue Service,” said Sen. Lummis. 

In 2021, Lummis introduced an amendment to the Infrastructure, Investment and Jobs Act alongside Senators Ron Wyden (D-OR) and Pat Toomey (R-PA) that would specify that crypto asset miners, stakers, vaildators and software developers were not subject to reporting requirements.