Biden’s major bipartisan infrastructure plan struck a rare chord of cooperation between Republicans and Democrats, but changes it proposes to cryptocurrency regulation are tripping up the bill.
The administration intends to pay for $28 billion of its planned infrastructure spending by tightening tax compliance within the historically under-regulated arena of digital currency. That’s why cryptocurrency is popping up in a bill that’s mostly about rebuilding bridges and roads.
The legislation’s vocal critics argue that the bill’s effort to do so is slapdash, particularly a bit that would declare anyone “responsible for and regularly providing any service effectuating transfers of digital assets” to be a broker, subject to tax reporting