The Reconciliation Bill Should Not Target Cryptocurrency

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By James Burnham (October 19, 2021, 5:36 PM EDT) — Congress is not known for its legislative care and the pending infrastructure bill is no exception. This legislation has been delayed, and Congress should use the extra time to make it better. In particular, it should excise a tucked-away provision that, if passed, might smother the booming cryptocurrency industry.

Right now, people who buy, sell or transfer cryptocurrency generally have no obligation to report the specifics of their transactions to the government.

But if Congress passes the infrastructure bill in its current form, any person who receives a digital asset worth $10,000 or more in the course of doing business will…

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