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Sen. Cynthia Lummis, R-Wyo., on the Senate Banking Committee s hearing on cryptocurrency regulation and risks.
The infrastructure deal agreed upon by lawmakers and President Biden on Wednesday includes a crackdown on cryptocurrencies as one way to raise revenue to support spending.
In order to finance more than $500 billion in new spending on infrastructure initiatives, the group said it intends to strengthen tax enforcement when it comes to cryptocurrencies.
As previously reported by FOX Business, IRS Commissioner Charles Rettig requested broader authority from Congress in June to collect information on cryptocurrency transactions.
Rettig said that these transactions, by design, are often off the radar screens, while noting that the most recent market cap in the crypto world exceeded $2 trillion and more than 8,600 exchanges worldwide.