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Digital Asset Reporting Clarification: Who is Not a Broker?

This bill clarifies who is not considered a broker in the context of digital assets like cryptocurrencies. It aims to prevent misunderstandings and avoid imposing reporting requirements on individuals who merely support the technology, rather than trading assets for clients. This ensures that citizens involved in activities like crypto mining or software development won't face complex reporting obligations.
Key points
Individuals solely validating distributed ledger transactions (e.g., crypto miners) are not considered brokers.
Sellers of hardware or software whose sole function is to control private keys for digital assets are not brokers.
Developers of digital assets or protocols who do not have customers are not considered brokers.
The bill applies retroactively, meaning these rules are effective from the enactment of the previous infrastructure act.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_3249
Sponsor: Sen. Wyden, Ron [D-OR]
Process start date: 2021-11-18
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

A bill to revise the rules of construction applicable to information reporting requirements imposed on brokers with respect to digital assets, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_3249.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-11-18.

What are the main provisions?

Key points include:

  • Individuals solely validating distributed ledger transactions (e.g., crypto miners) are not considered brokers.
  • Sellers of hardware or software whose sole function is to control private keys for digital assets are not brokers.
  • Developers of digital assets or protocols who do not have customers are not considered brokers.
  • The bill applies retroactively, meaning these rules are effective from the enactment of the previous infrastructure act.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Wyden, Ron [D-OR].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

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