A high-wire fight in Washington, DC over crypto tax reporting provisions included in a $1.2 trillion infrastructure bill drew widespread attention and impassioned remarks from supporters, opponents and powerful members of Congress.

And while Kristin Smith, executive director of the Blockchain Association, admits that the legislation's current language is not perfect, the collective show of force from advocacy groups, business leaders and think tanks was "like no other thing I have experienced in my 20 years in Washington, D.C.”

On this episode of The Scoop, Smith joined host Frank Chaparro and senior reporter Kollen Post to discuss the legislation live during the podcast as senators conducted their last vote before sending the bill out of the chamber. 

According to Smith, the fight over the crypto tax reporting requirements — which opponents say puts undue burdens on businesses that aren't clearly defined as "brokers" of digital assets and at one point risked choosing technological winners and losers — is far from over. 

In the end, Smith concedes that there ultimately may not be an opportunity to add amendments to the bill. However, the fight put the crypto industry front-and-center in Washington for the first time, with Smith saying: "We went from zero to 60 overnight, and we have caught the attention of the entire policymaking class in Washington."

The bill now makes its move into the House which will reconvene in September for next steps.

This episode of The Scoop also focused on:

Episode 47 of Season 3 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Kristin Smith, Executive Director at Blockchain Association.

Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected].

This episode is brought to you by our sponsors Eventus, Kraken, and Exodus

Eventus is the leading global provider of multi-asset class trade surveillance, transaction monitoring and market risk solutions. Eventus offers a powerful, award-winning trade surveillance platform that is easy to deploy, customize and operate. Eventus is proven in the most complex, high-volume and real-time environments and supports many of the industry’s leading crypto exchanges including Coinbase, Gemini, ErisX and OSL. The company’s rapidly growing client base relies on Eventus’ responsive support and product development teams to overcome its most pressing regulatory challenges.

About Kraken

Whether you’re an experienced crypto trader or just starting out, Kraken has the tools to help you achieve financial freedom. With 50+ cryptocurrencies to choose from, industry-leading security and a wide variety of features to suit any investing strategy, Kraken puts the power in your hands to buy, sell and trade digital assets. Visit Kraken.com to get started today.

About Exodus

Exodus is leading the world out of traditional finance by building beautiful and user-friendly crypto products. Forget having to learn the nuances of different cryptocurrencies. Exodus is designed for everyone and hides the complex details behind a beautiful and intuitive interface.

Buy and sell one cryptocurrency for another from the comfort of your wallet, in seconds. Funds remain under your full control.

Secure, manage, stake, and exchange all of your favorite cryptocurrencies from one wallet. No account registration is required. Download Exodus at Exodus.com or directly from Google Play and the iOS App Store and you’re ready to go.