Jorge Castro Discusses Options for Senate to Tweak Cryptocurrency Tax Language in CQ Roll Call

"Cryptocurrency Backers Look to House for Tweaks to Tax Language"

CQ Roll Call

08.10.2021

Tax Member Jorge Castro, former Democratic Congressional tax aide and Counselor to the IRS Commissioner during the Obama administration, said Democrats' $3.5 trillion budget reconciliation package or an end-of-year tax package could provide a vehicle for Congress to amend the cryptocurrency language in the coming months – in response to the Senate failing to edit the bill in the hours before it was passed the bipartisan infrastructure legislation. As it stands, the U.S. Treasury Department and the IRS could have room to interpret the provision favorably, Castro noted. Additionally, lawmakers and lobbyists who want to narrow  the new reporting rules for cryptocurrency transactions included in the bipartisan infrastructure package will likely look to the House to amend the provision.