New Bitcoin tax plans could stifle greener blockchain tech

Illustration by James Bareham / The Verge

Ongoing efforts to pass a bipartisan infrastructure bill could reshape the cryptocurrency world, as lawmakers debate new tax-reporting requirements on various parts of the blockchain system. The Washington Post is reporting that, on Thursday, Treasury Secretary Janet Yellen directly lobbied lawmakers to keep stronger cryptocurrency tax provisions in the infrastructure bill.

It’s a sign of how committed the White House is to bringing cryptocurrency into the broader tax-reporting system, even as the details of the new requirements threaten to upset the delicate political balance of the infrastructure plan.

A broad new requirement on cryptocurrency brokers

From the beginning, the drafters of the bipartisan infrastructure framework hoped to…

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