In the United States, six bipartisan senators wrote a letter to the Treasury Department criticizing a bill. This is the definition of “corridor”, which is also a thorn in the side of Krpyto-Space.
The infrastructure law, in which some passages of said senators disapprove, will take effect in 2024. The one initiated by the Biden administration Infrastructure investment and employment law (IIJA) is a law that imposes transaction reporting requirements on both crypto companies and protocols.
According to the law, mining companies must also be intermediaries.
The bill continues to receive criticism. This is aimed in particular at the use of the term “corridor” and the requirements that should apply to the aforementioned institutions. Because the draft doesn’t just apply to crypto exchanges. It should also apply to mining companies, wallet companies, and others that do not directly process cryptocurrency transactions. The six senators also criticize this point of view in their letter to the president of the US Treasury, Janet Yellen.
The purpose of this provision is not to impose new information requirements on individuals who do not fall within the definition of brokers. The reporting requirements only apply to financial intermediaries that allow the transfer of digital assets for consideration and not to other parties involved in the process.
US senators in open letter
the six senators discuss. They come from both sides of the political spectrum: Senators Rob Portman (Ohio), Mike Crapo (Idaho), Pat Toomey (Pennsylvania) and last but not least Cynthia Lummis (Wyoming) are Republicans, while Mark R. Warner (Virginia) and Kyrsten Sinema (Arizona) are Democrats. It would surely be good news for the crypto space if all six senators with their common cause prevailed against the bill. Because the letter shows that there is resistance to too broad a reporting law, not only within the crypto industry itself, but also within the US government.