Sen. Cruz Warns That Bipartisan Infrastructure Bill Could ‘Obliterate’ Cryptocurrency
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Republican and Democratic senators alike still express concerns over the language in a section of the bill that they fear could destroy the blooming cryptocurrency industry. Sen. Ted Cruz (R-Texas) joined this bipartisan resistance today, saying that the “underlying language” of one section of the bill could “obliterate” cryptocurrency.
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The provision would require that these platforms report information on the buying and selling of digital assets to the IRS. However, many such platforms are noncustodial providers, meaning that they do not have access to this information—their users’ assets are kept in private accounts that only they can see or access. This makes it practically impossible for these noncustodial crypto providers to comply with this provision.
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With its passage through the Senate earlier today, the bill will be going back through the House, where new amendments introduced by the Senate need to be confirmed to continue on to the White House. Should the bill become law, the implications for crypto markets will be unclear.
www.theepochtimes.com
...snip...
Republican and Democratic senators alike still express concerns over the language in a section of the bill that they fear could destroy the blooming cryptocurrency industry. Sen. Ted Cruz (R-Texas) joined this bipartisan resistance today, saying that the “underlying language” of one section of the bill could “obliterate” cryptocurrency.
********
The provision would require that these platforms report information on the buying and selling of digital assets to the IRS. However, many such platforms are noncustodial providers, meaning that they do not have access to this information—their users’ assets are kept in private accounts that only they can see or access. This makes it practically impossible for these noncustodial crypto providers to comply with this provision.
********
With its passage through the Senate earlier today, the bill will be going back through the House, where new amendments introduced by the Senate need to be confirmed to continue on to the White House. Should the bill become law, the implications for crypto markets will be unclear.
Sen. Cruz Warns That Bipartisan Infrastructure Bill Could 'Obliterate' Cryptocurrency
The Senate voted on and passed the bipartisan $1.2 trillion Infrastructure Investment and Jobs Act on Tuesday. The ...