Crypto language in the infrastructure bill is a political shell game, says Cointelegraph GC

Zachary Kelman, general counsel of Cointelegraph, said that the political fight over the tax implications for crypto in the United States infrastructure bill is nothing new, as it’s likely about how lawmakers plan to pay for everything. In an interview with Cointelegraph's Jackson DuMont, Kelman claimed that senators pushing the crypto language in the infrastructure bill — which ultimately passed in the U.S. Senate after one senator objected to a clarifying amendment — may have been more influenced by political concerns than ones potentially affecting the crypto space. Namely, the general counsel claimed that lawmakers know that crypto firms “can't actually acquiesce” to the proposed tax reporting requirements but needed the language to essentially win over senators concerned about paying the bill. According to Kelman, Republicans and moderate Democrats may be supportive of the bill but want the language to have a provision to fund some of the roads, bridges and major infrastructure projects proposed without actually having to raise taxes.