The US cryptocurrency industry has just revealed a significant new capability. It has proved conclusively that it can make itself heard on Capitol Hill.
The crypto crowd piped up as the US Senate was finishing work on President Joe Biden’s $1tn infrastructure plan. In the days before the proposal passed on Tuesday, the debate stalled as the industry furiously protested tax reporting requirements being proposed for crypto “brokers” in the interest of helping to pay for all that upkeep.
The industry did not get what it wanted right away. But it still might, and in the meantime, its partisans have been fired up, suggesting the battle in the nation’s capital over how to tax and regulate the trade in cryptocurrencies could grow in intensity.
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