- Senate blocked an amendment that changed crypto reporting rules.
- The amendment called for specifically naming entities liable to report crypto data to IRS.
- Its failure has dealt a huge blow to the crypto space.
MONDAY: The US Senate blocked a move to change cryptocurrency reporting rules in the infrastructure. This leaves vague language calling for broad oversight of virtual currencies still in the legislation.
The proposed amendment had important specifics laid out in it, addressing concerns from the crypto industry. For instance, it stated that the original bill requires all involved entities to report tax data to the IRS. Parties like miners or developers wouldn’t have access to such authorities. Just this change alone took days to propose. Multiple negotiations took place between three Republicans — Pat Toomey, Cynthia Lummis, and Rob Portman — and two Democrats,...