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Crypto Lobbyists Falter in Bid to Fix Broad Tax Provision (1)

Aug. 10, 2021, 4:20 PM

Cryptocurrency lobbyists were caught ill-equipped in one of the first legislative battles for their nascent industry, despite a Herculean push that impressed Washington insiders with its intensity.

The industry failed to win a change to crypto tax reporting rules in the infrastructure bill, leaving intact language for broad oversight of virtual currencies in the legislation that passed the Senate on Tuesday.

The amendment, with sponsors including Wyoming Republican Cynthia Lummis and Virginia Democrat Mark Warner, would have walked back new tax reporting requirements for crypto firms. It was designed to address concerns from the cryptocurrency industry that the bill ...