London Daily

Focus on the big picture.
Sunday, Nov 23, 2025

White House backs senators pushing for stricter crypto reporting rules, pushing the new-tech community outside to innovative friendly countries

White House backs senators pushing for stricter crypto reporting rules, pushing the new-tech community outside to innovative friendly countries

The White House weighed in – somewhat out of the blue – on a contentious battle over competing crypto amendments to the $1 trillion infrastructure bill. It's chosen to back the side that isn't as friendly to the world of bitcoin and ethereum.
The fight is over a provision in the bipartisan bill, which raises money through stricter tax rules on cryptocurrency transactions. Crypto advocates argued that the original language in the legislation, which requires brokers of digital assets to report on crypto trading gains, is vague and too broad. And now, amendments are circulating in order to narrow the scope.

On Wednesday, Sens. Ron Wyden, D-Ore., Pat Toomey, R-Pa., and Cynthia Lummis, R-Wyo. introduced an amendment that drills down on the definition of a "broker," explicitly excluding validators, hardware and software makers as well as protocol developers. It would be a win for the crypto caucus, should it pass.

In the other camp sits Sens. Rob Portman, R-Ohio – who drafted the original tax provision – along with Mark Warner, D-Va. and Kyrsten Sinema, D-Ariz. They submitted their own rival amendment on Thursday. CNBC does not have a copy of the proposed Portman-Warner amendment.

But based on prior revisions described by Portman, some believe it will leave the door open to a broader definition of "crypto broker" and will potentially subject more crypto investors to these higher taxes.

No one was expecting President Joe Biden to volunteer his take on this one, but late Thursday, the White House formally backed Portman's amendment in a statement attributed to deputy press secretary Andrew Bates.

"The Administration is pleased with the progress that has yielded a compromise sponsored by Senators Warner, Portman, and Sinema to advance the bipartisan infrastructure package and clarify the measure to reduce tax evasion in the cryptocurrency market," wrote Bates.

"The Administration believes this provision will strengthen tax compliance in this emerging area of finance and ensure that high income taxpayers are contributing what they owe under the law. We are grateful to Chairman Wyden for his leadership in pushing the Senate to address this issue, however we believe that the alternative amendment put forward by Senators Warner, Portman, and Sinema strikes the right balance and makes an important step forward in promoting tax compliance."

The last-minute endorsement of the Portman amendment was unexpected but not surprising.

Since its inception, the White House's vision for the infrastructure bill has been one in which corporations and the wealthiest Americans would fund improvements that benefitted everyone.

But Senate Republicans have a different idea, and over the past three months, they have cut tax hikes out of the bill one by one.

The crypto reporting rules and their related taxes represent the last vestiges of the corporate tax hikes that were supposed to pay for the bill.

Should the Portman camp win, Blockchain Association executive director Kristin Smith warns the ramifications will be sweeping and massively damaging to the country's crypto industry.

"At the eleventh hour, Sen. Warner has filed an amendment that is anti-technology and anti-innovation – and would be disastrous for the U.S. crypto ecosystem," wrote Smith.

"Removing protections for software developers – what Senator Warner's amendment aims to do and that is defined in the Wyden-Lummis-Toomey amendment – is a negative catalyst that will force crypto development and innovation out of the U.S. to friendlier, pro-technology jurisdictions," continued Smith.

The blowback to the White House's endorsement of the Portman-led amendment has been swift and harsh. Wyden, a liberal Democrat, and Lummis, a conservative Republican, have both pushed back, with Lummis issuing a direct call to action.

"We NEED you," tweeted Lummis. "Pls call your Senators. Pls tweet. Pls email. We are facing major headwinds on the Wyden-Lummis-Toomey amendment. Burying financial innovation in red tape & sending devs + miners on info collection wild goose chases for info they don't know is horrible policy."

The Senate plans to vote Saturday on the bipartisan infrastructure bill.
Newsletter

Related Articles

0:00
0:00
Close
Johnson Blasts ‘Incoherent’ Covid Inquiry Findings Amid Report’s Harsh Critique of His Government
Lord Rothermere Secures £500 Million Deal to Acquire Telegraph Titles
Maduro Tightens Security Measures as U.S. Strike Threat Intensifies
U.S. Envoys Deliver Ultimatum to Ukraine: Sign Peace Deal by Thursday or Risk Losing American Support
Zelenskyy Signals Progress Toward Ending the War: ‘One of the Hardest Moments in History’ (end of his business model?)
U.S. Issues Alert Declaring Venezuelan Airspace a Hazard Due to Escalating Security Conditions
The U.S. State Department Announces That Mass Migration Constitutes an Existential Threat to Western Civilization and Undermines the Stability of Key American Allies
Students Challenge AI-Driven Teaching at University of Staffordshire
Pikeville Medical Center Partners with UK’s Golisano Children’s Network to Expand Pediatric Care
Germany, France and UK Confirm Full Support for Ukraine in US-Backed Security Plan
UK Low-Traffic Neighbourhoods Face Rising Backlash as Pandemic Schemes Unravel
UK Records Coldest Night of Autumn as Sub-Zero Conditions Sweep the Country
UK at Risk of Losing International Doctors as Workforce Exodus Grows, Regulator Warns
ASU Launches ASU London, Extending Its Innovation Brand to the UK Education Market
UK Prime Minister Keir Starmer to Visit China in January as Diplomatic Reset Accelerates
Google Launches Voluntary Buyouts for UK Staff Amid AI-Driven Company Realignment
UK braces for freezing snap as snow and ice warnings escalate
Majority of UK Novelists Fear AI Could Displace Their Work, Cambridge Study Finds
UK's Carrier Strike Group Achieves Full Operational Capability During NATO Drill in Mediterranean
Trump and Mamdani to Meet at the White House: “The Communist Asked”
Nvidia Again Beats Forecasts, Shares Jump in After-Hours Trading
Wintry Conditions Persist Along UK Coasts After Up to Seven Centimetres of Snow
UK Inflation Eases to 3.6 % in October, Opening Door for Rate Cut
UK Accelerates Munitions Factory Build-Out to Reinforce Warfighting Readiness
UK Consumer Optimism Plunges Ahead of November Budget
A Decade of Innovation Stagnation at Apple: The Cook Era Critique
Caribbean Reparations Commission Seeks ‘Mutually Beneficial’ Justice from UK
EU Insists UK Must Contribute Financially for Access to Electricity Market and Broader Ties
UK to Outlaw Live-Event Ticket Resales Above Face Value
President Donald Trump Hosts Saudi Crown Prince Mohammed bin Salman at White House to Seal Major Defence and Investment Deals
German Entertainment Icons Alice and Ellen Kessler Die Together at Age 89
UK Unveils Sweeping Asylum Reforms with 20-Year Settlement Wait and Conditional Status
UK Orders Twitter Hacker to Repay £4.1 Million Following 2020 High-Profile Breach
Popeyes UK Eyes Century Mark as Fried-Chicken Chain Accelerates Roll-out
Two-thirds of UK nurses report working while unwell amid staffing crisis
Britain to Reform Human-Rights Laws in Sweeping Asylum Policy Overhaul
Nearly Half of Job Losses Under Labour Government Affect UK Youth
UK Chancellor Reeves Eyes High-Value Home Levy in Budget to Raise Tens of Billions
UK Urges Poland to Choose Swedish Submarines in Multi-Billion € Defence Bid
US Border Czar Tom Homan Declares UK No Longer a ‘Friend’ Amid Intelligence Rift
UK Announces Reversal of Income Tax Hike Plans Ahead of Budget
Starmer Faces Mounting Turmoil as Leaked Briefings Ignite Leadership Plot Rumours
UK Commentator Sami Hamdi Returns Home After US Visa Revocation and Detention
UK Eyes Denmark-Style Asylum Rules in Major Migration Shift
UK Signals Intelligence Freeze Amid US Maritime Drug-Strike Campaign
TikTok Awards UK & Ireland 2025 Celebrates Top Creators Including Max Klymenko as Creator of the Year
UK Growth Nearly Stalls at 0.1% in Q3 as Cyberattack Halts Car Production
Apple Denied Permission to Appeal UK App Store Ruling, Faces Over £1bn Liability
UK Chooses Wylfa for First Small Modular Reactors, Drawing Sharp U.S. Objection
Starmer Faces Growing Labour Backlash as Briefing Sparks Authority Crisis
×