Senate Rejects Amendment To Exclude US Bitcoin Entities From Broker Designation

The U.S. Senate rejected a bipartisan amendment Monday aiming to clarify the tax-reporting provisions required for brokers supporting the Bitcoin economy, Forbes reported.

The news comes after days of debate and a last-minute press conference held by Senators Pat Toomey (R-PA) and Cynthia Lummis (R-WY) that sought to address problematic language included in the $1.2 trillion infrastructure bill, wording many industry participants felt was overbroad and harmful to innovation.

The provision will instead go forward unamended, potentially opening the door for non-financial Bitcoin intermediaries such as network validators, software contributors, miners and other service providers to be captured by the definition included.

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