U.S. Treasury Secretary Yellen will resist reforms to weaken cryptocurrencies

Last month, the White House and Ohio Republican Senator Portman agreed to a proposal to require cryptocurrency brokers to improve tax compliance to help pay for a bipartisan infrastructure bill.

The agreement has been strongly criticized by cryptocurrency investors, who argue it would give the Biden administration broad powers to cripple the growing cryptocurrency sector.

U.S. Treasury Secretary Janet Yellen spoke with lawmakers on Thursday to raise objections to a cryptocurrency reform plan proposed by Republican senators, two sources said.

The Biden administration is resisting a bipartisan senator proposal in an infrastructure bill that would increase federal regulation of cryptocurrencies.