Crypto Rules in Senate Bill Eyed for Bipartisan Rewrite (1)

Senators Ron Wyden and Pat Toomey are drafting a proposal to overhaul a cryptocurrency provision in the $550 billion bipartisan infrastructure bill that traders and investors have criticized as being overly broad and impractical.

The bipartisan duo’s more-targeted language would replace what’s in the bill the Senate is now debating -- should their amendment get 60 votes on the Senate floor. It could also cause new problems for the legislation, which was the product of several weeks of intense negotiations between the White House and senators.

The Joint Committee on Taxation estimates the crypto reporting rules now in the bill ...