Political Quotes

“I think the Senator asked a question that has been queried by a number of folks in the media and elsewhere, and the Senator is entirely correct in his analysis of the application of the bill. Those persons do not effectuate transfers of digital assets and, therefore, would not be treated as brokers. If you are selling hardware or software for which the only function is to permit persons to control private keys which are used for accessing digital assets on a distributed ledger, you will not be considered in the business of being a broker. I also want to say a word about the bipartisan amendment that I worked on with Senators Portman, Sinema, Toomey, and Lummis. I am pleased that we were able to file it today, and I would have hoped that we would have gotten a vote, but I thank them for their diligence and hard work to clarify, in concert with the Treasury Department, this critical section of the bill. We want to ensure that taxes legitimately owed are paid, and full and accurate transaction reporting is a proven way to make that happen. We don't, however, want to place reporting requirements on individuals who shouldn't have them. The amendment memorializes the common understanding that the requirements are to apply only to persons who regularly, and for consideration, effectuate transfers of digital assets.…”