Political Quotes

“I thank my friend from Ohio, who has been such a leader on the underlying bill, and I have been proud to work on this clarification on this critical issue on cryptocurrency. I thank the Senator, who is correct in his understanding. I would also like to add some additional clarifications. The bill ensures that digital asset market players who provide a platform to facilitate digital asset trades by taxpayers will be considered brokers required to report information to the IRS and taxpayers about those transactions. Reporting entities may be digital asset exchanges or hosted wallet providers, often called custodians, or other agents involved in effectuating digital asset transactions. The bill recognizes that digital assets are different from stocks and bonds. For example, some taxpayers regularly transfer digital assets between digital asset exchanges or to an off-exchange wallet and then back to an exchange. Those taxpayers need information returns that link the steps in those chains so they have the complete information they need to prepare their tax returns. This bill treats digital asset businesses that, for consideration--in effect, money--regularly effect transfers of digital assets as brokers and provides for reporting of digital asset transfers to or by a broker, including in cases where transfer is not directly from one broker to another. Senator Portman, do you have anything further to add on this item?”