Thread by @nikhileshde

.@SenToomey is currently on the Senate floor discussing the amendment, says there are many use cases such as a "Disbersed mechanism for validating ownership" coindesk.com/crypto-tax-exe…

@SenToomey "How do you ensure that a person who has a copyright is properly compensated when that copyright is used?" @SenToomey says of programmable money as another use case

@SenToomey "In this legislation, there is a very reasonable intent but I think the drafting doesn't get it quite right," @SenToomey says, adds that centralized exchanges should have same reporting reqs that conventional brokers have

@SenToomey It's reasonable "to have a provision that requires the reporting," @SenToomey says, adds that the language would impose burdens on "people who don't even have the information," naming miners as one example

@SenToomey "It's not a reasonable, not an even slightly reasonable burden to impose on them," @SenToomey says. "It was not intended that way and the good news is, it can be fixed"

@SenToomey .@SenToomey says they're having some trouble getting the bill offered on the Senate floor

@SenToomey .@SenToomey yields to @RonWyden, who says he will go into some of the philosophical details

@SenToomey @RonWyden "Our amendment, a bipartisan amendment, should be accepted when the author of the underlying provision says he will vote for it," @RonWyden says of @senrobportman

@SenToomey @RonWyden @senrobportman "People avoiding taxes they owe on money through cryptocurrencies is a serious issue," @RonWyden says. "It's fundamentally unfair to every working person whose taxes come straight out of their paycheck."

@SenToomey @RonWyden @senrobportman "My view is the Senate needs to make sure new rules addressing this avoidance ensure it's possible to run down the crooks, have strong tax enforcement while leaving a clear field for innovation here at home, we want that innovation," @RonWyden says

@SenToomey @RonWyden @senrobportman "The whole notion of dealing with tax avoidance is somehow going to get lost in approaches for the brick-and-mortar rule, and those rules run the very real risk of chilling innovation," @RonWyden says

@SenToomey @RonWyden @senrobportman "We want it stated that tax enforcement rules should focus on the companies that deal with buying, selling and trading cryptocurrencies. These rules don't need to sweep up other uses of blockchain technologies," @RonWyden says

@SenToomey @RonWyden @senrobportman "We've been struck by how many [people?] in the space don't even have the documents [to comply]," @RonWyden says

@SenToomey @RonWyden @senrobportman Brokers in crypto should be the same as brokers in any other industry, @RonWyden says

@SenToomey @RonWyden @senrobportman 1/2 "This is going to be a debate that's going to play out over the years, but when the author of the provision in the bipartisan proposal on crypto, the author of the underlying provision of the legislation ...," @RonWyden says

@SenToomey @RonWyden @senrobportman 2/2 "... has said he will vote for what @SenToomey, @SenLummis and I have developed, we certainly ought to get a vote, and my view is it should be accepted by the body," @RonWyden says

@SenToomey @RonWyden @senrobportman @SenLummis The provision would increase the likelihood of compliance with tax rules, @SenToomey says

@SenToomey @RonWyden @senrobportman @SenLummis "This space is changing. A year from now there's going to be new innovations that we haven't thought of ... and we'll have to revisit this, but what we don't want to do is have an overly broad mandate ... [that] would have a stifling impact," @SenToomey says

@SenToomey @RonWyden @senrobportman @SenLummis .@SenToomey has yielded the floor, unclear if/when there might be a vote

@SenToomey @RonWyden @senrobportman @SenLummis So the key detail here to me is that both @SenToomey and @RonWyden are calling for a vote on the amendment they introduced with @SenLummis that would modify the crypto provision in the infrastructure bill coindesk.com/crypto-tax-exe…