Is change to crypto provision in infrastructure bill blocked?

Change to Crypto Provision in Infrastructure Bill Blocked By Laura Davison and Mackenzie Hawkins August 9, 2021, 4:39 PM EDT Updated on August 9, 2021, 7:05 PM EDT Language criticized by the industry remains in legislation Compromise amendment had been backed by Biden administration

Could the $1 trillion infrastructure bill change how cryptocurrency is taxed?

The $1 trillion infrastructure bill could change how cryptocurrency is taxed. Cryptocurrency, and the money it can generate, has been a key topic of debate for lawmakers looking to pass the $1 trillion infrastructure bill.

What is the infrastructure bill?

The infrastructure bill, known as HR 3684, allocates money to build roads, bridges, transportation systems, and support clean energy, among other developments. The bill includes a tax provision that outlines plans to raise about $28 billion for that $1 trillion package through taxes from crypto transactions.

What is the cryptocurrency tax amendment?

The amendment was designed to address concerns from the cryptocurrency industry that the original 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.