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It's official: Cryptocurrency is infrastructure
CNNSenate negotiators – not always known for their tech savvy – made a breakthrough Monday over regulations on online transactions known as cryptocurrency.
The breakthrough is significant for two reasons: 1) Negotiators were able to reach a bipartisan consensus. 2) It deals with a largely new industry, which uses blockchain technology for online transactions.
A lead negotiator, Sen. Pat Toomey, put it more bluntly on Monday, describing cryptocurrency as “an issue that has been vexing us.” Another lead negotiator, Sen. Cynthia Lummis, called it “such a new subject to so many people in the US Senate.”
The Senate’s average age is 64.3 years – older than the House’s 58.4 years, according to the Library of Congress. And among US investors over 50, 76% say they haven’t even heard of cryptocurrencies, according to a recent Gallup poll.
A last-minute cryptocurrency tax provision was tacked on to the $1.2 trillion bipartisan infrastructure bill last week, which complicated infrastructure negotiations as a bitter dispute emerged over proposed tax reporting requirements for cryptocurrency transactions. It also prompted a sharp public outcry over the item’s initial language. On Monday, Toomey and Lummis announced an amendment to the provision, negotiated with the Treasury Department, focused on regulating digital assets by requiring brokers to report their transactions.
The breakthrough is significant for two reasons: 1) Negotiators were able to reach a bipartisan consensus. 2) It deals with a largely new industry, which uses blockchain technology for online transactions.
A lead negotiator, Sen. Pat Toomey, put it more bluntly on Monday, describing cryptocurrency as “an issue that has been vexing us.” Another lead negotiator, Sen. Cynthia Lummis, called it “such a new subject to so many people in the US Senate.”
The Senate’s average age is 64.3 years – older than the House’s 58.4 years, according to the Library of Congress. And among US investors over 50, 76% say they haven’t even heard of cryptocurrencies, according to a recent Gallup poll.
A last-minute cryptocurrency tax provision was tacked on to the $1.2 trillion bipartisan infrastructure bill last week, which complicated infrastructure negotiations as a bitter dispute emerged over proposed tax reporting requirements for cryptocurrency transactions. It also prompted a sharp public outcry over the item’s initial language. On Monday, Toomey and Lummis announced an amendment to the provision, negotiated with the Treasury Department, focused on regulating digital assets by requiring brokers to report their transactions.
My wife has been working on this legislation for the past two weeks.
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-Laelth
