It's official: Cryptocurrency is infrastructure
CNN
Senate 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 Senates average age is 64.3 years older than the Houses 58.4 years, according to the Library of Congress. And among US investors over 50, 76% say they havent 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 items 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.