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Crypto firms are looking to take another shot at curbing US tax rule

Crypto industry says the rule is too broad and could hit some firms which don't hold customer information

WASHINGTON — The cryptocurrency industry sought unsuccessfully to limit a provision in the bipartisan infrastructure bill seeking to toughen tax enforcement of crypto transactions. It is now hoping for another shot when the bill moves to the House.

The provision in the roughly $1trn plan, approved by the Senate on 10 August, requires brokers of digital assets to report on gains from trading to the Internal Revenue Service. As crafted, it would raise an estimated $28bn over a decade to help pay for improved roads, bridges, ports and other infrastructure.

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