Inside the Senate’s sudden cryptocurrency showdown holding up the Biden infrastructure bill – Yahoo News

Inside the Senate’s sudden cryptocurrency showdown holding up the Biden infrastructure bill – Yahoo News


Sens. Ron Wyden and Mark Warner

Democratic Sens. Ron Wyden of Oregon and Mark Warner of Virginia. Evelyn Hockstein-Pool/Getty Images; Drew Angerer/Getty Images

  • Two bipartisan Senate gangs are engaged in a last-minute clash over cryptocurrency tax enforcement.

  • The fight is scrambling partisan politics and may provide a glimpse into future crypto regulations.

  • “We’re all working trying to resolve these issues,” Sen. Ron Wyden told Insider.

  • See more stories on Insider’s business page.

It’s a Senate fight causing an unusual cast of characters to team up: Jack Dorsey, head of Twitter, Gene Simmons of the rock band KISS, and Elon Musk of Tesla.

Those three are on the same side in an unexpected clash among senators racing to pass President Joe Biden’s $550 billion infrastructure bill sometime early next week.

Two bipartisan Senate gangs are dueling in a sudden showdown over cryptocurrency tax enforcement in the legislation. It’s a fight that’s scrambled the partisan politics Congress is usually known for and provides a glimpse into how lawmakers may further regulate the burgeoning trillion-dollar industry.

GOP Sens. Pat Toomey of Pennsylvania and Cynthia Lummis of Wyoming, along with Democratic Sen. Ron Wyden of Oregon are partnering on an amendment to exempt cryptocurrency miners, software developers, and protocol developers
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