Janet Yellen, US Treasury Secretary, arrives for a meeting of European Union (EU) finance ministers of the Eurogroup in Brussels, Belgium.
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The Treasury Department will not oppose a bipartisan agreement that restricts a proposal in the Infrastructure Act to increase state regulation of cryptocurrencies.
"I am grateful to Senators Warner, Portman, Sinema, Toomey, and Lummis for their collaboration
on this change to clarify key provisions of the bipartisan infrastructure agreement that will make significant strides in tax evasion in the cryptocurrency market, "Treasury Secretary Janet Yellen said in a statement on Monday afternoon." I am also for Chairman Wyden for his. grateful for guidance and commitment on these important issues. "
Previously, Sens. Pat Toomey, R-Pa., Mark Warner, D-Va., Cynthia Lummis, R-Wyo., Kyrsten Sinema, D-Ariz., And Rob Portman, R-Ohio said they are negotiating with the Treasury Department, to get the change right.
"We worked with the Treasury Department to clarify the underlying text and ensure that those who do not act as brokers are not subject to the reporting requirements of the bill," the group said in a press release.
"While we would all have designed this solution differently, we all agree that it is important to ensure that these obligations are properly designed so that they only apply to companies that regularly transact digital assets for consideration," added she added.
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The White House initially backed an amendment, backed by Warner, Sinema and Portman, that would have exempted more cryptocurrency players from tighter regulation than the bill's original language, but wanted fewer than Wyden, Toomey and Lummis wanted.
But with the Treasury Department now backing an agreement between the two sides, the compromise is likely somewhere in the middle. The details of the agreement between the two groups of senators were not yet available early Monday afternoon.
Bitcoin was up 5.1% from the session to $ 45,886 at 1:37 p.m. ET.