Crypto Language Trips Up Infrastructure Bill
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cryptocurrency advocates are pushing for changes in the Senate infrastructure bill, showing both their organizing power and the potential threat legal changes pose to some fintech stocks.
At issue is a portion of the infrastructure bill that would change the way companies handle crypto tax reporting. Crypto advocates argue that the bill’s definition of a crypto “broker” is so broad that it would mire crypto miners, software developers and others in innovation-crushing paperwork.
Why is this important?
Not because crypto’s going to permanently hold up the $1 trillion infrastructure package; this is the sort of niche, non-political issue that still gets solved through compromise, which is partly why Bitcoin surged over the weekend. But its mere emergence as a sticking point here suggests crypto’s vocal community and growing base of exposed investors are in for a wild ride in the medium term.
Coming up today on CNBC’s TechCheck, 11 a.m. ET / 8 a.m. PT …
Binance CEO Changpeng Zhao
While you were sleeping …
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In the broader world …
U.S. shoppers are growing more anxious about visiting stores and trying on clothing in dressing rooms, according to a recent survey. Some of those polled by First Insight also say they are beginning to cut back on spending due to the resurgence in Covid cases. CNBC
On the horizon …
8/11: Jon Fortt interviews LinkedIn founder Reid Hoffman at the Economic Club of Chicago
