Business Maverick: Change to Crypto Provision in Infrastructure Bill Blocked

The amendment was designed to address concerns from the cryptocurrency industry that the original bill would require entities, like miners and software developers, to report tax data to the Internal Revenue Service that they didn’t have access to. 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.

The infrastructure bill, and the crypto language, are still a distance from becoming law. The legislation has to be taken up by the House, where changes could be made. Republican Representative Tom Emmer tweeted Monday that he and his co-chairs of the bipartisan Blockchain Caucus sent a letter to other House members urging the language be changed.

Republican Senator Richard Shelby sought to include with the crypto provision his amendment for $50 billion in additional military construction money — a poison pill for Democrats. Senator Bernie Sanders, a Vermont independent, objected to Shelby’s provision, and Shelby refused to consent to the crypto change without the military funds.

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