Mark Warner

Mark Warner @MarkWarner

As a former venture capitalist and someone who’s enthusiastic about innovation, I want to maintain America’s lead in financial innovation, including distributed ledger technologies. — PolitiTweet.org

Mark Warner @MarkWarner

While that amendment did not pass due to objections, I look forward to continuing to work with my colleagues on this important issue. — PolitiTweet.org

Mark Warner @MarkWarner

Following robust conversations, I’m pleased to have worked in good faith with my colleagues @SenToomey, @senrobportman , @SenLummis, and @SenatorSinema to reach a compromise amendment that would have memorialized and clarified all of this. — PolitiTweet.org

Mark Warner @MarkWarner

Ultimately the exact wording describing those validating distributed ledger transactions doesn’t even matter because – again – the Administration & the drafters have made clear to all Senators that validators aren’t covered by the rules under any conceivable consensus mechanism. — PolitiTweet.org

Mark Warner @MarkWarner

Our amendment *only* mentioned proof of work explicitly because that seemed to be the greatest alarm – based on mischaracterizations and misinterpretations – of the underlying text. @robportman and I revised our amendment to make clear that both miners and stakers aren't covered. — PolitiTweet.org

Mark Warner @MarkWarner

Some have misinterpreted previous language I had offered to favor proof of work cryptocurrencies – the intent was anything but: to reiterate, all the drafters have repeatedly emphasized they do *not* see validators under any consensus mechanism as subject to compliance. — PolitiTweet.org

Mark Warner @MarkWarner

Thus, in good faith, I and others worked with Treasury to craft a compromise amendment that sought to dispel those concerns – including making clear to folks expressing concern that miners would not be covered. — PolitiTweet.org

Mark Warner @MarkWarner

While the Admin had been clear that they would not seek to collect or require information from any entities who could not collect or possess it, we realized that there was clearly a lot of confusion and consternation out there. — PolitiTweet.org

Mark Warner @MarkWarner

As @FACTcoalition has emphasized, that clarification from my colleagues was not necessary – and would have hastily and over-broadly carved out DeFi exchanges and custodians, even when they *are* in a position to collect this compliance information. https://t.co/9KlxYSAVVm — PolitiTweet.org

Mark Warner @MarkWarner

My colleagues' amendment to the underlying bill would – in the eyes of @FACTcoalition – actually take a step *backwards* in key respects, including (in @FACTcoalition's eyes) undermining the bipartisan AML law Congress enacted law year. https://t.co/MmjLZCMFGb — PolitiTweet.org

Mark Warner @MarkWarner

To be fair, obscure provisions of tax law aren’t something most Americans have a passing familiarity with. And in an area as complex and fast-moving as digital assets – it benefits all of us to be clear and get things right. — PolitiTweet.org

Mark Warner @MarkWarner

They’ve made clear the scope of these provisions is limited – and said repeatedly to Senators that it would not capture miners in proof of work contexts, nor validators in proof of stake contexts. Nor would it capture devs simply contributing code to cryptocurrency projects. https://t.co/lpqg1BKrGA — PolitiTweet.org

Mark Warner @MarkWarner

For over a week, the Administration has reiterated to all Senators involved that the scope of these rules would not extend to parts of the crypto ecosystem where entities wouldn’t in their normal course of business be able to collect the relevant information for tax reporting. — PolitiTweet.org

Mark Warner @MarkWarner

A bipartisan group of Senators rose to this challenge – clarifying Treasury authority (and ratifying Treasury proposals that have been public since this spring) – in the context of a vitally important and long overdue infrastructure package. — PolitiTweet.org

Mark Warner @MarkWarner

Second, it’s well-understood that if you pay for something in more than $10,000 cash, there’s a reporting requirement. The bill made clear that this applies to crypto, too, as Treasury had proposed. Even @BlockchainAssn claimed this was common sense https://t.co/U5R8qocw4C — PolitiTweet.org

Mark Warner @MarkWarner

As we saw on a different front last week, these decentralized exchanges seek to openly flout the established governance regime the US has sought to maintain. https://t.co/i4i03yfDMj — PolitiTweet.org

Mark Warner @MarkWarner

First, we’re seeing decentralized exchanges openly advertise their non-compliance w/ regulatory and tax rules – that’s something that we seek to address in this legislation by making clear that, notwithstanding their claims, they’re still subject to compliance. — PolitiTweet.org

Mark Warner @MarkWarner

The tax gap is especially pronounced in two areas: 1) Cryptocurrency exchanges (some of which openly advertise non-compliance) and custodial wallets, and 2) Businesses that receive cryptocurrency as payment but don’t report it. — PolitiTweet.org

Mark Warner @MarkWarner

First, we need to acknowledge that the innovation and excitement surrounding digital assets has at times obscured some real problems – perhaps none greater than the tax evasion and non-compliance we have continued to see. https://t.co/P7XHo5Lddm — PolitiTweet.org

Mark Warner @MarkWarner

There’s been a tremendous amount of confusion – and in some cases, false information – surrounding a set of important tax compliance provisions in the bipartisan infrastructure package. Let’s clear up a few things. — PolitiTweet.org

Mark Warner @MarkWarner

RT @MarkWarner: It’s been a long 14 hours of voting, but I’m proud the Senate has adopted the $3.5T budget resolution. This will allow us t… — PolitiTweet.org

Mark Warner @MarkWarner

RT @MarkWarner: It’s been a long 14 hours of voting, but I’m proud the Senate has adopted the $3.5T budget resolution. This will allow us t… — PolitiTweet.org

Mark Warner @MarkWarner

It’s been a long 14 hours of voting, but I’m proud the Senate has adopted the $3.5T budget resolution. This will allow us to continue working on President Biden’s Build Back Better agenda. We have a ways to go, but we will deliver. — PolitiTweet.org

Mark Warner @MarkWarner

I can't think of a bill that I have worked on that will have a more direct effect on the lives of every Virginian over the next 5 years – in terms of how you get to work or to school, how you manage to take the kids out on the weekends – than this record-setting $550B investment. — PolitiTweet.org

Mark Warner @MarkWarner

Roanoke and Southwest: - The $66B for rail gives us a shot at expanding rail across Southside and Southwest. - Expanding broadband access has been a priority for me. This bill includes $65B for broadband that could supplement the $700M that @GovernorVA allocated from the #ARP. https://t.co/GokpeC1hHz — PolitiTweet.org

Mark Warner @MarkWarner

NoVA: - The rail investments in this bill could help further the historic Long Bridge project, which would improve the reliability of rail throughout Virginia. https://t.co/d0wTn73Mr3 — PolitiTweet.org

Mark Warner @MarkWarner

Richmond: - Last month I visited the Mayo Bridge, one of the 700 bridges across Virginia that are in an alarming state of decay. With $110 billion in funding for roads and bridges, we'll have federal dollars to put towards needed upgrades for bridges all across Virginia. https://t.co/wxWjxy8IlP — PolitiTweet.org

Mark Warner @MarkWarner

Hampton Roads: - This bill will put $47B towards resiliency to help fund projects like flood mitigation and coastal resiliency. In Hampton Roads, we could use this funding for projects such as: https://t.co/XieH9vj7qo — PolitiTweet.org

Mark Warner @MarkWarner

I’m glad that the Senate worked together in a bipartisan way to pass the Infrastructure Investment & Jobs Act. This bill will allow Virginia to make significant investments in infrastructure projects across the Commonwealth, including in HR, Richmond, NoVA, Roanoke and Southwest. — PolitiTweet.org

Mark Warner @MarkWarner

RT @MarkWarner: I’m glad that the Senate worked together in a bipartisan way to pass the Infrastructure Investment and Jobs Act. This bill… — PolitiTweet.org