Inclusion of new language narrowing definition of a crypto broker does not pass ‘unanimous consent’ procedure.
Despite regulatory scrutiny in the Senate, the recent bull run continues for bitcoin and ethereum.
A $1 trillion bipartisan infrastructure bill has moved closer to passing, but senators still need to address two competing cryptocurrency-related amendments that seek to clarify tax reporting requirements.
Media reports say Treasury Secretary Janet Yellen is one of the loudest voices against an amendment to the infrastructure bill which would remove problematic language requiring cryptocurrency tax reporting.
Senators Wyden, Lummus, Toomey propose slimming down the definition of crypto broker to make tax reporting requirements more narrow
Portion of bill outlines “impossible-to-fulfill” reporting requirements, blockchain associations say
Like the IRS in the mainland US, the Puerto Rican tax authority hasn’t issued definite guidance on crypto.