London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

$1.2 Trillion Infrastructure Bill Passes Senate With Crypto Tax Provision

$1.2 Trillion Infrastructure Bill Passes Senate With Crypto Tax Provision

The U.S. Senate has passed the $1.2 trillion infrastructure bill with “unworkable” crypto reporting requirement provision. “This infrastructure bill has in it a portion that is designed to obliterate crypto. That would be a tragic mistake,” Ted Cruz commented.

The U.S. Senate voted 69-30 to approve the $1.2 trillion bipartisan infrastructure bill Tuesday without a crypto amendment, which earlier failed to pass due to one senator opposing it.

Many people have raised concerns about the cryptocurrency provision in the bill. Senator Pat Toomey from Pennsylvania called it “unworkable.” Two amendments were put forward to rectify the situation. On Monday, the senators who sponsored the two amendments reached an agreement with the Treasury Department and a compromise crypto amendment was born.

The Senate voted on the compromise amendment Monday afternoon. However, it required a unanimous consent agreement and Senator Richard Shelby from Alabama objected after he failed to get support for his own amendment.

Senator Ted Cruz voiced his concern on Tuesday:

“This infrastructure bill has in it a portion that is designed to obliterate crypto. That would be a tragic mistake.”

Senator from Utah, Mike Lee, warned during the Senate session Saturday:

“[If this bill passes] it’s going to have a chilling effect on innovation within this sector … Places outside the United States may well be the ones to reap the benefit associated with the laws here in the United States if we adopt an unproven, untested, unknown strategy. What you’ll see is the flight of innovation, and investments related to innovation, to offshore locations around the globe.”

A lot of people in the crypto community agree, including Coinbase CEO Brian Armstrong, who wrote, “We will see future development of blockchain technology move offshore to countries like China that are currently embracing it.”

Tesla CEO Elon Musk agreed, saying that “There is no crisis that compels hasty legislation” for cryptocurrency.

A major problem in the bill is the definition of a “broker” who must file reports with the Internal Revenue Service (IRS). As it stands, a broker could include software developers, transaction validators, and node operators who do not collect the information the IRS requires.

NBC’s Jake Sherman reported Tuesday:

“Sen. Shelby just told us he’s actually for the [crypto] amendment he blocked yesterday, but blocked it simply because he didn’t want them to get an amendment unless he got his defense amendment.”

The bill has now moved to the House of Representatives, which does not return from recess until Sept. 20.

Regardless of the setback, crypto supporters are not giving up. After the compromise crypto amendment failed to pass in the Senate, four congressmen began their efforts to lessen the impact of the bill.

Rep. Tom Emmer wrote:

“I, along with bipartisan Blockchain Caucus co-chairs Rep. Darren Soto, Rep. David Schweikert, and Rep. Bill Foster sent a letter to every single representative in the House raising concerns about the Senate infrastructure bill being paid for by our crypto industry.”

“The House must consider amendments to this provision that exempt entities that don’t conduct crypto transactions and keep blockchain software development, cryptocurrency mining, and more in the United States.”

Source: $1.2 Trillion Infrastructure Bill Passes Senate With Crypto Tax Provision – Fintechs.fi

Newsletter

Related Articles

0:00
0:00
Close
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
×