The crypto industry wants to change a tax provision when the House takes up the Senate's infrastructure bill, but other issues may take precedence.
The bill contains a broad definition of "broker" for crypto tax reporting requirements that lawmakers and industry advocates sought to change over the past week.
After all the drama of the past week, the industry is right where it was eight days ago.
The infrastructure bill's crypto tax provision helped hold up the overall bill last week.
The Senate could still adopt an amendment to the crypto provision through unanimous consent, but it would require every senator to agree.
A handful of lawmakers have expressed support for the Wyden/Toomey/Lummis amendment to the crypto provision.
An updated draft of a controversial crypto reporting requirement clarifies that brokers "effectuate" transfers of digital assets, but stops short of explicitly excluding miners or other parties that don't provide customer transactions.
The draft language could mean a number of individuals interacting with crypto may have to start reporting their transactions.
The hearing was almost certainly the testiest in a trio of crypto-themed inquiries Tuesday morning.
The FinCEN rule, proposed under former President Donald Trump, needs to be revisited, Sen. Pat Toomey said Thursday.
The bill gives a nod toward blockchain and now moves to the House.
It’s official: Gary Gensler is the new chair of the Securities and Exchange Commission (SEC), after a 53-45 vote by the U.S. Senate on Wednesday. Gensler, who was nominated to the position by President Joe Biden in January, previously ran the federal Commodity Futures Trading Commission (CFTC), overseeing the implementation of new regulations around derivatives […]
The Senate passed President Joe Biden’s $1.9 trillion Covid 19 relief package Saturday, a possible positive development for cryptocurrencies. Why this matters to the crypto world:
Former Bakkt CEO Kelly Loeffler lost her Senate seat to Democrat Raphael Warnock in a special election Tuesday night.
U.S. Senate staffers, hunting for tech to keep their chamber legislating through crises, floated blockchain voting in an April 30 continuity of Senate memo.