The battle over cryptocurrencies is shifting to the House after the Senate failed to pass a compromise on tax-reporting requirements as part of the $1 trillion infrastructure bill.
The Senate passed the infrastructure bill Tuesday morning. It will now moves to the House, where Speaker Nancy Pelosi has said she would bring it up after the Senate passes Democrats’ $3.5 trillion budget plan.
The original language in the infrastructure bill clarifies the definition of “broker” for tax-reporting purposes. It was fiercely opposed by the industry since it could be interpreted broadly to include crypto miners and other companies involved in operating blockchain networks, along with software and hardware developers.
Republican and Democratic Senate negotiators struck a compromise on Monday to exclude miners and other transaction “validators” from tax-reporting requirements, and the White House supported their amendment.
Yet the measure…