Washington, DC (CNN) As the Senate prepares to vote on the final passage of the massive $1.2 trillion bipartisan infrastructure package, members of the cryptocurrency space -- those in favor of using blockchain technology for online transactions -- are ramping up advocacy efforts against a last-minute cryptocurrency tax provision tacked onto the bill. The provision would impose more federal regulation on cryptocurrencies and dramatically expand the number of cryptocurrency users who would have to report filings to the Internal Revenue Service. Cryptocurrency advocates believe in the need to regulate the decentralized currency, but not by rushing to pin it to an infrastructure package with language they say is far too broad for the nuanced technology. "This is no way to make policy. "There's been a massive mobilization in DC to try to educate senators and members of Congress about the shortcomings of this language, but we do not have that much time," he told CNN.

Source: CNN August 07, 2021 22:24 UTC