Senators Pitch More Targeted Crypto Measure in Infrastructure

A bipartisan group of lawmakers released an alternative cryptocurrency revenue-raising plan that could replace a current section in the infrastructure bill now under consideration in the U.S. Senate.

The amendment, filed by Senate Finance Committee Chairman Ron Wyden and Republican Senators Pat Toomey and Cynthia Lummis, offers a more targeted approach to requiring cryptocurrency exchanges and other virtual currency entities to report information to the Internal Revenue Service. It would need to garner at least 60 votes in the Senate.

The amendment would target the proposed information-gathering from crypto brokers to affect “only those persons who conduct transactions ...