Share this article
Senator Toomey Calls Text of Current Crypto Tax Proposal ‘Unworkable’
The Pennsylvania Republican said the definition of a broker is too broad and would affect bitcoin miners, which should be exempt.
By Danny Nelson
Updated Sep 14, 2021, 1:34 p.m. Published Aug 2, 2021, 10:13 p.m.
Sen. Pat Toomey (R-Pa.) on Monday called the bipartisan infrastructure bill’s proposed crypto tax reporting clauses “unworkable” and pledged to amend them.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The text’s definition of a broker is too broad, according to Toomey, and affects non-financial services parties, like bitcoin miners, that he said should be exempt. Plus, non-custodial services would struggle to properly file identification forms with the Internal Revenue Service, he said.
“Congress should not rush forward with this hastily-designed tax reporting regime for cryptocurrency, especially without a full understanding of the consequences,” he said in a press statement.
Toomey promised to amend the bill. He is now looking for a Democrat senator as co-sponsor, according to a source familiar with the matter.
The statement by the Senate Banking Committee’s top Republican member highlights the rocky road ahead for the $1 trillion infrastructure bill. The Biden administration signature push calls for $550 million in new congressional spending, some $28 billion of which would come from a crypto tax.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
What to know:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
Top Stories
