U.S. senators submit amendment proposing to prohibit the use of cryptocurrency for tax payments

Foresight News reported that, according to a post published by crypto journalist Eleanor Terrett, U.S. Senator Jack Reed submitted an amendment ahead of this Thursday's stablecoin bill review, aiming to expressly prohibit cryptocurrencies from being used as legal tender, including banning the payment of taxes with crypto assets.

In addition, Senator Elizabeth Warren also submitted more than 40 amendments, one of which seeks to prevent the Federal Reserve from granting master accounts to cryptocurrency companies. Another amendment, jointly submitted by Senators Reed and Smith, proposes to include restrictions on banks’ stablecoin yield offerings in the bill.