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Cynthia Lummis, Ron Wyden Propose Cryptocurrency Tax to Protect Innovation 4 Aug 2021 Sens. Cynthia Lummis (R-WY) and Ron Wyden (D-OR) proposed an amendment to address concerns over the so-called bipartisan infrastructure bill’s provision to tax and regulate the cryptocurrency industry. Sen. Rob Portman (R-OH) proposed a “pay for” to the $1.2 trillion as an attempt to pay for the mammoth, 2,702-page legislation. The provision contains an overly broad definition of a “broker” that would subject much of the cryptocurrency industry to financial reporting requirements. Despite the negative implications for the industry, it would only bring in roughly $30 billion. To address the concerning provision, Sens. Wyden, the chairman of the Senate Finance Committee, and Lummis, a member of the Senate Banking Committee, introduced amendment 2137 to the infrastructure bill.

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