Modification of the cryptographic provision in the blocked infrastructure invoice

A change to the cryptocurrency reporting rules in the Infrastructure Bill was blocked in the Senate on Monday, leaving the language for broad oversight of virtual currencies still in legislation to be passed by the Senate.

The amendment was designed to address concerns in the cryptocurrency industry that the original bill would require entities, such as miners and software developers, to report data to the Internal Revenue Service. taxes to which they did not have access. 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.