Cryptocurrency Compromise Emerges for Infrastructure Bill

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WASHINGTON—A key senator negotiating the roughly $1 trillion bipartisan infrastructure bill signaled a willingness to compromise over a provision that seeks to raise money through tougher tax enforcement of cryptocurrency transactions.

Sen. Rob Portman (R., Ohio) on Thursday said he agreed on the need to clarify the provision, which he wrote and is backed by the Biden administration. It aims to require brokers of digital assets to report on gains reaped on trading to the Internal Revenue Service. As crafted, it would raise an estimated $28 billion over a decade to help pay for improved roads, bridges, ports and other infrastructure.

The amount raised by the provision, while relatively small, signals the latest move by Washington policy makers to impose oversight on an industry that has grown dramatically without regulation. The cryptocurrency industry says the provision is overly broad and could…

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