Future of Cryptocurrency is at Stake: An amendment designed to narrow the scope of crypto reporting failed in the US Senate

Earlier today, crypto investors were optimistic about the future of cryptocurrency after a bipartisan deal was reached in the US Senate to scale down the crypto reporting requirements in the controversial $1.2 trillion infrastructure bill. The news quickly sent the price of Bitcoin to as high as $46,050.61, its highest level since May 16, when it hit $49,770.33, according to Coin Metrics.

In rare bipartisan support, two crypto advocates Sens. Pat Toomey, R-Pa., and Cynthia Lummis, R-Wyo, held a joint press conference urging their Senate colleagues to allow a widely-supported bipartisan (cryptocurrency) amendment to remove the crypto reporting requirements to move forward.

However, at about 5:03 PM EST, the amendment designed to narrow the scope of who’s required to report crypto tax data to the IRS failed in the Senate, despite many days of negotiations between competing amendments from both parties, Bloomberg reported.

In a post about an hour ago, Twitter founder Jack Dorsey tweeted with a high voltage sign saying:

“Amendment killed to get more military spending. Wow.”

Second attempt to save falls again to desire for more military spending

— jack (@jack) August 9, 2021

In another tweet, Dorsey said: “Second attempt to save falls again to desire for more military spending.”

We will continue to monitor the story and keep you posted.