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US Lawmakers Challenge Infrastructure Bill's Definition of 'Broker'
The representatives propose following a definition which avoids placing "unworkable customer reporting obligations" on parties who do not, in fact, have customers, such as crypto miners and stakers.
Updated May 11, 2023, 5:19 p.m. Published Jan 27, 2022, 4:39 p.m.
A group of United States representatives have challenged the infrastructure bill's definition of "broker," believing it to be incompatible with the crypto ecosystem.
- The 11 representatives, which include Patrick McHenry (R-N.C.), Tim Ryan (R-Ohio) and Tom Emmer (R-Minn.), have written to Secretary of the Treasury Janet Yellen asking for clarity on how the Infrastructure Investment and Jobs Act defines a broker.
- The bill, according to the letter dated Jan. 26, "affords the Department of Treasury the ability to interpret who within the digital asset ecosystem qualifies as a 'broker.' This subjective interpretation has the potential to reach those beyond the intent of Congress."
- As an alternative, the representatives propose following a definition which avoids placing "unworkable customer reporting obligations" on parties who do not in fact have customers, such as crypto miners and stakers.
- The act, which passed in Congress last November and was signed into law by President Biden, contains a number of crypto provisions, with one imposing reporting requirements on brokers.
- Similar concerns over how the act defines a broker were raised previously, with a group of six senators penning an open letter to Yellen in December.
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Read more: Tucked Inside Biden Infrastructure Bill: Unconstitutional Crypto Surveillance
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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