One reason broken crypto rules passed the Senate today is that Republicans rejected another revenue source: the rich paying their fair share.
The visceral pushback to Sen. Rob Portman's reporting requirements isn't about avoiding taxes – it's about protecting digital liberties.
Sen. Rob Portman is believed to have authored the original crypto tax reporting provision with support from the Biden administration.
Portman argues his "common sense" provision will provide clarity for the crypto industry by standardizing information reporting of brokers.
The crypto provision in the U.S. infrastructure bill was one of a handful of issues that nearly delayed the entire package.
The draft language could mean a number of individuals interacting with crypto may have to start reporting their transactions.