Change to crypto provision in bill blocked

Setback: A representation of cryptocurrency bitcoin. The amendment’s failure to change crypto reporting rules indicates a blow to the industry. — Reuters

NEW YORK: A change to cryptocurrency reporting rules in the infrastructure bill was blocked in the Senate, leaving language for broad oversight of virtual currencies still in the legislation that’s set to pass the Senate.

The amendment was designed to address concerns from the cryptocurrency industry that the original bill would require entities, like miners and software developers, to report tax data to the Internal Revenue Service that they didn’t have access to.