Infrastructure bill tug of war over cryptocurrency broker definition continues

The cryptocurrency industry will forge ahead in its efforts to limit the definition of brokers, the Wall Street Journal reports, even as an industry-backed amendment to clarify the definition failed to make it into the $1T infrastructure bill that the Senate passed on Tuesday. In last-minute wrangling, Sen. Richard Shelby (R., AL) blocked a vote on an amendment written by Sen. Rob Portman (R, OH) to narrow the language. But the crypto industry gets another chance to limit the provision when the bill moves to the House of Representatives. The provision requires brokers of digital assets to report gains from trading to the Internal Revenue Service. That's expected to raise ~$28B to help pay for improvements for such infrastructure as roads, ports, and bridges. But the crypto industry contends that the definition of brokers in the infrastructure bill, as it now stands, is too broad and could include such entities as