Cynthia Lummis: “There was a definition of broker put in the Internal Revenue…”

“Why was it important for you to introduce a bill focused on crypto tax policy? Were you getting demand from industry insiders? We were. You know, a number of years ago, before the Congress understood digital assets, There was a definition of broker put in the Internal Revenue Code that is completely wrong as it relates to digital assets. And it's really gummed up the works in terms of providing a clear framework for tax taxation of digital assets. So we want to fix the definition of broker.” (11:24–11:36)

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