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It's a Senate fight causing an unusual cast of characters to team up: Jack Dorsey, head of Twitter, Gene Simmons of the rock band KISS, and Elon Musk of Tesla.in an unexpected clash among senators racing to pass President Joe Biden's $550 billion infrastructure bill sometime early next week.Two bipartisan Senate gangs are dueling in a sudden showdown over cryptocurrency tax enforcement in the legislation.
The measure would exempt a significant number of actors, but not to the extent the Wyden amendment does. There were few immediate signs of progress on Saturday. But talks are ongoing and could be reaching a critical juncture. But it came under heavy criticism from cryptocurrency investors and advocates who argued it could devastate the industry with onerous information requirements many are simply unable to produce.
It also garnered support from a disparate cast of characters, including Tesla CEO Musk, rock star Gene Simmons and Twitter's Dorsey, who assailed the new crypto rules. Some lawmakers were still undecided on which amendment to support. Sen. Bill Cassidy of Louisiana, one of the GOP architects of the infrastructure bill, told Insider on Saturday he was"still looking at them both."
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