U.S. Cryptocurrency Tax Amendment Defeated, Cryptocurrency Rally Continues

The U.S. Senate has rejected an amendment on cryptocurrency taxation.

Earlier, the U.S. Senate unveiled a trillion-dollar infrastructure bill that would have imposed a new tax on cryptocurrency trading businesses and brokers, which is expected to raise about $28 billion for infrastructure projects.

Republican U.S. Senators Pat Toomey and Cynthia Lummis proposed an amendment to clarify the definition of "broker" in the provision as too vague, but the amendment was not passed due to opposition from Senator Richard Shelby.