Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Free Newsletter Sign Up

Bipartisan Crypto Change in Senate Bill Would Raise $23 Billion

Aug. 5, 2021, 4:49 PM

The bipartisan amendment to narrow the cryptocurrency surveillance provision in the Senate infrastructure bill would raise about $23 billion, according to two people familiar with the plan.

  • The Joint Committee on Taxation estimates that the original, broader provision would raise $28 billion over a decade.
    • The approximately $5 billion difference would add to a growing gap between the revenue offsets and the bill’s total cost
  • Sen. Rob Portman, who wrote the original provision, says he supports the amendment offered by Sens. Cynthia Lummis, Ron Wyden and Pat Toomey
  • Earlier: Senators Pitch More Targeted Crypto Measure in Infrastructure

To ...