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 […]
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