California representative Anna G. Eshoo (D) has joined the rally against the proposed tax reporting requirements for bitcoin and other cryptocurrencies in the bipartisan trillion-dollar infrastructure bill.
In a letter sent to House Speaker Nancy Pelosi, Representative Eshoo called on the House to amend the definition of broker in the legislation along the lines of the unadopted crypto-friendly bipartisan amendment drafted by Cynthia Lummis (R-Wyo.) and Pat Toomey (R-Pa.). Her efforts follow a similar document sent from Blockchain Caucus co-chairs Tom Emmer, Darren Soto, David Schweikert and Bill Foster to all 435 representatives in the House protesting the proposed new reporting requirements.
Supporters of the Lummis-Toomey amendment argue, as does Eshoo, that overly burdensome regulation of the booming crypto industry will drive innovation out of the United States. The concern is particularly relevant today as a regulatory crackdown in China has begun to steer cryptocurrency miners to the United States. Eshoo has focused her career around health and technology. She has also worked to wean the United States off dependence on Chinese manufacturing of lifesaving drugs.