Janet Yellen Has Been Lobbying Against Wyden-Lummis-Toomey Crypto Amendment: Report

Janet Yellen Has Been Lobbying Against Wyden-Lummis-Toomey Crypto Amendment: Report

Treasury Secretary Janet Yellen has been lobbying against cryptocurrency legislation being proposed by Senator Ron Wyden (D-Ore.) and other senators as part of the bipartisan infrastructure bill, according to a Washington Post report published on Friday.

  • Yellen spoke with Wyden on Thursday to push back against the attempt to limit a proposal in the bill that would increase federal regulation of cryptocurrencies, according to the publication, citing two people familiar with the matter.
  • Senators Wyden, Cynthia Lummis (R-Wyo.) and Pat Toomey (R-Pa.) proposed their amendment on Wednesday to ensure that miners, node operators, developers and other non-custodial crypto industry participants are exempt from the crypto tax reporting provision.
  • Senators had hoped to pass the bipartisan bill on Thursday night, but debate continued and issues remained unresolved around the cryptocurrency regulations.
  • A Treasury spokesperson declined to comment on the matter when contacted by CoinDesk.
  • Source