US senators pitch more targeted crypto measure in infrastructure

US lawmakers pushed for an alternative cryptocurrency taxation plan that would take a more targeted approach, leaving out those developing blockchain technology and wallets. — Getty Images/AFP

A bipartisan group of lawmakers released an alternative cryptocurrency revenue-raising plan that could replace a current section in the infrastructure bill now under consideration in the US Senate.

The amendment, filed by Senate Finance Committee Chairman Ron Wyden and Republican Senators Pat Toomey and Cynthia Lummis, offers a more targeted approach to requiring cryptocurrency exchanges and other virtual currency entities to report information to the Internal Revenue Service. It would need to garner at least 60 votes in the Senate.