The two groups of senators who were battling over how to word a section of the infrastructure bill that would impose new tax rules for cryptocurrencies say they are nearing a compromise, but the deal may come too late to get added to the Senate’s infrastructure bill.
An agreement would resolve a days-long dispute that pitted the White House against Senate Finance Committee Chairman Ron Wyden over the best way to require cryptocurrency entities to report transactions to the IRS.
Wyden, along with Republican Senators Pat Toomey and Cynthia Lummis, had offered one approach that had the support of the cryptocurrency industry. A competing amendment, sponsored by Republican Senator Rob Portman and Democrats Mark Warner and Kyrsten Sinema, was the White House’s preferred option.
“We are still talking,” Wyden said, declining to discuss what issues still are unsettled.
The last minute frenzy to reach a deal may prove to be fruitless if the senators are unable to get the amendment called up for a vote. The Senate has been deadlocked for days over addressing more changes to the bill because of disputes between lawmakers about which amendments to consider and how long to continue debating. Any single senator can block an amendment from getting a vote.
