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HILL TAX BRIEFING: Infrastructure Deal Rankles Crypto Industry

July 30, 2021, 10:08 AM

Cryptocurrency exchanges, investors, and their advisers are worried about a late addition to the bipartisan infrastructure deal that would increase requirements for reporting transactions to the IRS.

The measure, which would make brokers and businesses investing in cryptocurrency disclose transactions of more than $10,000, was the result of a compromise between the White House and Sen. Rob Portman, a lead Republican negotiator. The proposal is projected to raise $28 billion in tax revenue to help offset $550 billion in new spending for investments in roads, bridges, and electric vehicle infrastructure.

But the cryptocurrency industry is frustrated that ...

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