US Lawmakers Challenge Infrastructure Bill's Definition of 'Broker'

A group of United States representatives have challenged the infrastructure bill’s definition of “broker,” believing it to be incompatible with the crypto ecosystem.

• The 11 representatives, which include Patrick McHenry (R-N.C.), Tim Ryan (R-Ohio) and Tom Emmer (R-MN), have written to Secretary of the Treasury Janet Yellen asking for clarity on how the Infrastructure Investment and Jobs Act defines a broker.
• The bill, according to the letter dated Jan. 26., “affords the Department of Treasury the ability to interpret who within the digital asset ecosystem qualifies as a ‘broker.’ This subjective interpretation has the potential to reach those beyond the intent of Congress.”
• As an alternative, the representatives propose following a definition which avoids placing “unworkable customer reporting obligations” on parties who do not in fact have customers, such as miners and stakers.
• The Act, which passed in Congress last November, contains a number of crypto provisions, with one imposing reporting requirements on brokers.
• Similar concerns over how the Act defines a broker were raised previously, with a group of six senators penning an open letter to Secretary Yellen in December.

Read more: Tucked Inside Biden Infrastructure Bill: Unconstitutional Crypto Surveillance

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