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Crypto Language Trips Up Infrastructure Bill

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Crypto Language Trips Up Infrastructure Bill

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Jon Fortt
Aug 9, 2021
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Crypto Language Trips Up Infrastructure Bill

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The most important thing in tech today is …

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 …

Google is planning yet another Silicon Valley campus, which will sit adjacent to a new center partly devoted to hardware, according to preliminary plans obtained by CNBC. CNBC

Amazon is bringing back its mask mandate for warehouse workers amid a surge in Covid-19 cases due to the highly contagious delta variant. Beginning on Monday, employees will be required to wear face coverings inside Amazon operations facilities — even if they’re vaccinated — according to a notice sent Friday to employees, which was viewed by CNBC. CNBC

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

I’m listening to …

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Crypto Language Trips Up Infrastructure Bill

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