Outgunned crypto lobbyists falter in bid to fix broad tax rules

Bloomberg

Cryptocurrency lobbyists were caught ill-equipped in one of the first legislative battles for their nascent industry, despite a Herculean push that impressed Washington insiders with its intensity.
The industry failed to win a change to crypto tax reporting rules in the infrastructure bill, leaving intact language for broad oversight of virtual currencies in the legislation that’s poised to pass the Senate.
The amendment, with sponsors including Wyoming Republican Cynthia Lummis and Virginia Democrat Mark Warner, would have walked back new tax reporting requirements for crypto firms.
In the end, the crypto industry’s lobbying, public outreach and even tweeted prayers weren’t enough.