By Nikhilesh De
In a blow to the digital assets industry, the U.S. Senate did not adopt a bipartisan compromise on a crypto tax provision in its $1 trillion infrastructure bill after a vote Monday.
U.S. Senators Cynthia Lummis (R-Wyo.) and Pat Toomey (R-Pa.) announced the compromise was supported Democrats, Republicans and the Treasury Department when introducing the amendment earlier in the day, saying it would exempt crypto transaction validators from a broadened definition of “broker.”
U.S. Sen. Richard Shelby (R-Ala.) filed an objection after attempting to attach his own amendment to increase military spending. Sen. Bernie Sanders (D-Vt.) objected to the Shelby motion, resulting in Shelby then objecting to the overall compromise.