Senators clarified a provision in the Infrastructure Investment and Jobs Act that would have severely tightened cryptocurrency regulations — a move that had drawn the ire of lawmakers, entrepreneurs, and others concerned about the statute’s effects on the emerging sector.
As The Daily Wire reported last week, a provision of the 2,700-page, $1.2 trillion package would have amended the Internal Revenue Code by introducing a “return requirement for certain transfers of digital assets not otherwise subject to reporting.” The clause defined “digital asset” as “any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology.”
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