Outgunned Crypto Lobbyists Falter in Bid to Fix Broad Tax Rules

Outgunned Crypto Lobbyists Falter in Bid to Fix Broad Tax Rules

Cryptocurrency lobbyists were caught ill-equipped in one of the first legislative battles for their nascent industry, despite a Herculean push that impressed Washington insiders with its intensity. 

The industry failed to win a change to crypto tax reporting rules in the infrastructure bill on Monday, leaving intact language for broad oversight of virtual currencies in the legislation that’s poised to pass the Senate. 

The amendment, with sponsors including Wyoming Republican Cynthia Lummis and Virginia Democrat Mark Warner, would have walked back new tax reporting requirements for crypto firms. It was designed to address concerns from the cryptocurrency industry that the bill would require entities -- like miners and software developers -- to report tax data to the Internal Revenue Service that they didn’t have access to. 

a lit up city at night: Mining the World’s Second-most-valuable Cryptocurrency at Evobits I.T SRL The requirements, projected to raise about $28 billion in revenue, had been included as part of the Senate’s $550 billion infrastructure package.