Infrastructure bill: senator emphasizes on discarding crypto reporting
The Senate Banking Committee’s Ranking Member Pat Toomey (R-PA) released a press release today encouraging Congress not to move forward with new bitcoin information reporting legislation in the infrastructure bill. He declared that the phrase was “unworkable” and that he would propose an amendment to remedy it. Late last week, a section of the Infrastructure bill dealing with cryptocurrency tax reporting came under fire for having some unintended and far-reaching consequences due to the way the language was written.
“Congress should not rush forward with this hastily-designed tax reporting regime for cryptocurrency, especially without a full understanding of the consequences,” Toomey said. The cryptocurrency tax reporting language could be the first in the United States, and its inclusion in a “must-pass infrastructure bill” raised questions about how quickly this policy was crafted.