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Change to Crypto Provision in Infrastructure Bill Blocked

  • Language criticized by the industry remains in legislation
  • Compromise amendment had been backed by Biden administration
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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. The change was proposed after days of negotiations between three Republicans -- Pat Toomey, Cynthia Lummis and Rob Portman -- and two Democrats, Mark Warner and Kyrsten Sinema.