The Senate rejected an amendment championed by the cryptocurrency industry that exempts non-custodial crypto actors from a crypto tax reporting requirement built into the $1 trillion infrastructure bill.
The amendment failed after Senator Richard Shelby attempted to tack on $50 billion in military infrastructure spending to it.
The original language of the bill changed tax reporting requirements to define certain actors involved in digital assets as "brokers" for tax purposes. This would require them to file 1099 tax forms with the IRS on behalf of customers, even if they did not have access to such information.
Read the full article from here- https://decrypt.co/78116/bitcoin-lobby-loses-senate-rejects-revised-crypto-tax-provisions-in-infrastructure-bill?amp=1
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