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Sen. Lummis Mounts Last-Ditch Effort to Modify Crypto Broker Language
With Biden’s signature imminent, the Wyoming senator is trying once more to narrow the bill’s “broker” scope.
By Danny Nelson
Updated May 11, 2023, 6:38 p.m. Published Nov 15, 2021, 5:37 p.m.
Sen. Cynthia Lummis (R-Wyo.) on Monday mounted a last-ditch effort to narrow the bipartisan infrastructure bill’s crypto broker clause. The bill is expected to become law later today when signed by President Joe Biden.
Lummis, an ardent crypto advocate, introduced a bill to rewrite a controversial tax provision that critics have said would stifle the U.S. crypto industry. In its place she proposed language that appeared similar to a compromise agreement considered earlier this year.
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The proposed language would exempt blockchain validators, non-custodial hardware or software vendors and protocol developers from the definition of “broker” and its myriad tax implications.
As it currently stands, the bipartisan infrastructure bill defines “any person who is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person” as a broker.
“We need to be fostering innovation, not stifling it, if we are going to maintain America’s position as the global financial leader,” Lummis said in a statement. “I’m proud to introduce this bipartisan bill to ensure that our tax system reflects the realities of digital assets and distributed ledger technology.”
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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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Five Crypto Firms Win Initial Approvals as Trust Banks, Including Ripple, Circle, BitGo
The firms have obtained conditional approval from the Office of the Comptroller of the Currency to convert into national trust banks.
What to know:
- Crypto firms Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos received conditional approval by the OCC to become federally chartered trust banks.
- The move sets up firms to follow in the footsteps of Anchorage Digital, the first to get a federal bank trust charter in the U.S.
- A slew of stablecoin issuers and crypto firms, including Coinbase, filed for federal oversight after GENIUS Act was written into law.
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