Infrastructure bill looks set to pass Senate without changes sought by crypto advocates

A $1 trillion bipartisan infrastructure bill on Tuesday appeared on track to pass the Senate without changes sought by the cryptocurrency industry's supporters, as a deal among key senators on an amendment didn't get support from the full chamber. On Monday afternoon, the senators announced a deal on the infrastructure bill's new tax-reporting requirement for bitcoin and other cryptocurrencies, saying they would push to pass their compromise amendment through a process known as unanimous consent that makes quick approvals possible, but the deal didn't win unanimous support in the Senate later Monday. "The prospects look slim" for achieving unanimous consent "as the Senate is scheduled to vote on the infrastructure bill at 11:00 a.m. today," said Height Capital Markets analyst Edwin Groshans in a note on Tuesday. The infrastructure bill then heads to the House of Representatives, where Groshans predicts that any attempt to amend the bill's crypto provision "will meet the same fate as the Senators' effort." Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Infrastructure bill looks set to pass Senate without changes sought by crypto advocates
A $1 trillion bipartisan infrastructure bill on Tuesday appeared on track to pass the Senate without changes sought by the cryptocurrency industry's supporters, as a deal among key senators on an amendment didn't get support from the full chamber. On Monday afternoon, the senators announced a deal on the infrastructure bill's new tax-reporting requirement for bitcoin and other cryptocurrencies, saying they would push to pass their compromise amendment through a process known as unanimous consent that makes quick approvals possible, but the deal didn't win unanimous support in the Senate later Monday. "The prospects look slim" for achieving unanimous consent "as the Senate is scheduled to vote on the infrastructure bill at 11:00 a.m. today," said Height Capital Markets analyst Edwin Groshans in a note on Tuesday. The infrastructure bill then heads to the House of Representatives, where Groshans predicts that any attempt to amend the bill's crypto provision "will meet the same fate as the Senators' effort." Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.