(R) Senator Cynthia Lummis listens while (L) Senator Patrick J. Toomey speaks during a press conference on crypto currency legislation on Capitol Hill — AFP
A change to cryptocurrency reporting rules in the infrastructure bill was blocked in the Senate Monday, 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.
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