The revised amendment attempts to end a dayslong standoff over who counts as a “broker” and is therefore subject to new requirements. A bipartisan

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2021-08-09 20:00:05

The revised amendment attempts to end a dayslong standoff over who counts as a “broker” and is therefore subject to new requirements.

A bipartisan group of lawmakers said Monday they’ve reached a compromise on cryptocurrency tax reporting provisions in an infrastructure bill in the Senate, though it remained unclear whether they’ll get a chance to put it to a vote.

Their revised amendment, written in consultation with the Treasury Department, attempts to end a dayslong standoff over who counts as a “broker” and is therefore subject to the new requirements, which are meant to make sure the industry is complying with tax laws.

However, one of the key players in the dispute, Senate Finance Chair Ron Wyden (D-Ore.), who had been pushing for changes, said he did not support the compromise plan.

“I don’t believe the cryptocurrency amendment language on offer is good enough to protect privacy and security, but it’s certainly better than the underlying bill,” Wyden wrote on Twitter.