Arab Press

بالشعب و للشعب
Friday, Nov 28, 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

Arab Press
0:00
0:00
Close
Saudi Arabia’s SAMAI Initiative Surpasses One-Million-Citizen Milestone in National AI Upskilling Drive
Saudi Arabia’s Specialty Coffee Market Set to Surge as Demand Soars and New Exhibition Drops in December
Saudi Arabia Moves to Open Two New Alcohol Stores for Foreigners Under Vision 2030 Reform
Saudi Arabia’s AI Ambitions Gain Momentum — but Water, Talent and Infrastructure Pose Major Hurdles
Tensions Surface in Trump-MBS Talks as Saudi Pushes Back on Israel Normalisation
Saudi Arabia Signals Major Maritime Crack-Down on Houthi Routes in Red Sea
Italy and Saudi Arabia Seal Over 20 Strategic Deals at Business Forum in Riyadh
COP30 Ends Without Fossil Fuel Phase-Out as US, Saudi Arabia and Russia Align in Obstruction Role
Saudi-Portuguese Economic Horizons Expand Through Strategic Business Council
DHL Commits $150 Million for Landmark Logistics Hub in Saudi Arabia
Saudi Aramco Weighs Disposals Amid $10 Billion-Plus Asset Sales Discussion
Trump Hosts Saudi Crown Prince for Major Defence and Investment Agreements
Families Accuse OpenAI of Enabling ‘AI-Driven Delusions’ After Multiple Suicides
Riyadh Metro Records Over One Hundred Million Journeys as Saudi Capital Accelerates Transit Era
Trump’s Grand Saudi Welcome Highlights U.S.–Riyadh Pivot as Israel Watches Warily
U.S. Set to Sell F-35 Jets to Saudi Arabia in Major Strategic Shift
Saudi Arabia Doubles Down on U.S. Partnership in Strategic Move
Saudi Arabia Charts Tech and Nuclear Leap Under Crown Prince’s U.S. Visit
Trump Elevates Saudi Arabia to Major Non-NATO Ally Amid Defense Deal
Trump Elevates Saudi Arabia to Major Non-NATO Ally as MBS Visit Yields Deepened Ties
Iran Appeals to Saudi Arabia to Mediate Restart of U.S. Nuclear Talks
Musk, Barra and Ford Join Trump in Lavish White House Dinner for Saudi Crown Prince
Lawmaker Seeks Declassification of ‘Shocking’ 2019 Call Between Trump and Saudi Crown Prince
US and Saudi Arabia Forge Strategic Defence Pact Featuring F-35 Sale and $1 Trillion Investment Pledge
Saudi Sovereign Wealth Fund Emerges as Key Contender in Warner Bros. Discovery Sale
Trump Secures Sweeping U.S.–Saudi Agreements on Jets, Technology and Massive Investment
Detroit CEOs Join White House Dinner as U.S.–Saudi Auto Deal Accelerates
Netanyahu Secures U.S. Assurance That Israel’s Qualitative Military Edge Will Remain Despite Saudi F-35 Deal
Ronaldo Joins Trump and Saudi Crown Prince’s Gala Amid U.S.–Gulf Tech and Investment Surge
U.S.–Saudi Investment Forum Sees U.S. Corporate Titans and Saudi Royalty Forge Billion-Dollar Ties
Elon Musk’s xAI to Deploy 500-Megawatt Saudi Data Centre with State-backed Partner HUMAIN
U.S. Clears Export of Advanced AI Chips to Saudi Arabia and UAE Amid Strategic Tech Partnership
xAI Selects Saudi Data-Centre as First Customer of Nvidia-Backed Humain Project
President Trump Hosts Saudi Crown Prince Mohammed bin Salman in Washington Amid Strategic Deal Talks
Saudi Crown Prince to Press Trump for Direct U.S. Role in Ending Sudan War
Trump Hosts Saudi Crown Prince: Five Key Takeaways from the White House Meeting
Trump Firmly Defends Saudi Crown Prince Over Khashoggi Murder Amid Washington Visit
Trump Backs Saudi Crown Prince Over Khashoggi Killing Amid White House Visit
Trump Publicly Defends Saudi Crown Prince Over Khashoggi Killing During Washington Visit
President Donald Trump Hosts Saudi Crown Prince Mohammed bin Salman at White House to Seal Major Defence and Investment Deals
Saudi Arabia’s Solar Surge Signals Unlikely Shift in Global Oil Powerhouse
Saudi Crown Prince Receives Letter from Iranian President Ahead of U.S. Visit
Saudi Arabia’s Crown Prince Begins Washington Visit to Cement Long-Term U.S. Alliance
Saudi Crown Prince Meets Trump in Washington to Deepen Defence, AI and Nuclear Ties
Saudi Arabia Accelerates Global Mining Strategy to Build a New Economic Pillar
Crown Prince Mohammed bin Salman Arrives in Washington to Reset U.S.–Saudi Strategic Alliance
Saudi-Israeli Normalisation Deal Looms, But Riyadh Insists on Proceeding After Israeli Elections
Saudis Prioritise US Defence Pact and AI Deals, While Israel Normalisation Takes Back Seat
Saudi Crown Prince’s Washington Visit Aims to Advance Defence, AI and Nuclear Cooperation
Saudi Delegation Strengthens EU–MENA Security Cooperation in Lisbon
×