London Daily

Focus on the big picture.
Thursday, Jul 31, 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
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
×