Bitcoin was up 5% to around $46,000, while Ethereum was ahead 4% to $3,150 Monday afternoon. The two largest cryptos have surged more than 20% over the past few days, pulling up other digital coins such as Cardano, Dogecoin, and XRP. Crypto traders are buying coins and digital-asset stocks ahead of a vote in the Senate that will clarify reporting requirements on brokers and exchanges. Congress aims to raise $28 billion in revenue from crypto transactions to help pay for $550 billion in new infrastructure spending.
A compromise amendment on reporting requirements now appears to have been reached, according to a draft of the amendment obtained by Barron’s. Senators Cynthia Lummis (R., Wyo.) and Pat Toomey (R., Pa.) announced the deal with Democratic colleagues, forging a bipartisan coalition of key Senate negotiators. Crypto advocates lobby hard against the bill’s original language that didn’t carve out exemptions for miners or software developers; this new amendment will guide cryptocurrencies on a bright path
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