Category Archives: infrastructure bill

Senate fails to amend cryptocurrency reporting requirements, moving fight to the House

Posted on by

The Senate stopped short Monday of passing an amendment that would have altered language in the current $1 trillion infrastructure bill to narrow the definition of parties that will be required to report cryptocurrency sales to the Internal Revenue Service. Senators failed to reach unanimous consent because of an objection to an unrelated requested attachment to increase military spending. A group of Senate Republicans and Democrats as well as representatives of the Treasury Department had struck a compromise to narrow the language on Monday and had hoped to pass the amendment through unanimous consent. Cryptocurrency industry leaders and privacy experts say that if the current language in the bill goes through it could handicap the emerging technology in the United States and strip privacy from users. “We may very well have to go back and revisit the rules but we shouldn’t just have an overly broad mandate or reporting requirement […]

The post Senate fails to amend cryptocurrency reporting requirements, moving fight to the House appeared first on CyberScoop.

Continue reading Senate fails to amend cryptocurrency reporting requirements, moving fight to the House→

Cryptocurrency reporting requirement in infrastructure bill sees potential changes

Posted on by

U.S. lawmakers are moving forward with a revised version of an idea that aims to gather data about cryptocurrency transactions in a way meant to curb tax cheats. Senate Finance Committee Chair Ron Wyden (D-Ore.) joined by colleagues Sens. Cynthia Lummis (R-Wyo.) and Pat Toomey (R-Pa.) have filed an amendment seeking to put to rest some of the cryptocurrency industry’s concerns about a sweeping new $1 trillion infrastructure package Congress is set to vote on this week. The amendment alters current language in the infrastructure bill that enforces requirements for “brokers” to report cryptocurrency that is bought, sold, and traded. The idea comes as U.S. officials are exploring regulations that might shed light on ransomware payments made through the technology. U.S. Securities and Exchange Commission chairman Gary Gensler on Tuesday also called on Congress for additional authorities to undertake regulatory efforts. “Our amendment makes clear that reporting does not apply […]

The post Cryptocurrency reporting requirement in infrastructure bill sees potential changes appeared first on CyberScoop.

Continue reading Cryptocurrency reporting requirement in infrastructure bill sees potential changes→