An amendment within the newly written Infrastructure Bill unfairly targets individuals, developers and businesses operating in cryptocurrency markets by making it nearly impossible to comply with what’s written in the amendment. 

Specifically the amendment requires IRS tax reporting from any individuals, miners, developers, and companies engaged in the transfer of crypto currency assets, and classifies them as “Brokers”.

While there is crypto tax reform needed, and we agree centralized exchanges/brokers should produce tax documentation, The amendment as put forth makes it impossible to comply with due to the nature of decentralized validation processes, staking processes, operation of decentralized finance markets, and operation of decentralized applications. It is not feasible for any of these entities to register as a Broker, and impossible for them to be able to produce needed tax documentation. 

This amendment directly harms US innovation in blockchain/cryptocurrency development and adoption, and will force US based companies, developers and individuals to move out of the United States to continue to conduct business, with the US losing out on billions of dollars of GDP and tax revenue, and directly effecting future US technology infrastructure

We the Citizens of the United States Of America make two requests: 

1. Congress adopts the amendment put forward by Senators Toomey-Wyden-Lummis or introduces new legislation in the next session to fix the fundamental flaws within the current amendment put forward. 

2. We the Citizens request the creation of a “Digital Asset Regulatory Body”, to establish the rules and regulations of cryptocurrency markets, It is clear that Congress does not fundamentally understand how cryptocurrency markets and decentralized networks operate, therefore cannot possibly make informed decisions on regulation, The members of this body should be a mixture of nominated industry leaders and democratically elected citizens to manage the legal framework of legalization moving forward.

The future of American technology infrastructure and economic prosperity is at stake and we as citizens demand the right to operate freely in decentralized marketplaces as it is a fundamental right of freedom