Interesting twist of events: A bipartisan group of senators proposed an amendment for crypto reporting in the infrastructure bill worth $1.2 trillion signed by President Biden.

This amendment targets to relax aspects of report requirements that were deemed too restrictive by crypto communities.

President Biden praised the bill as “an enormous win for the American people,” but the senators intend to narrow some of the infrastructure bill’s cryptocurrency tax reporting rules.

Many investors also expressed concern about crypto tax provisions in infrastructure legislation. They said it was too broad and would be particularly difficult for DeFi as well as miners and developers.

Ron Wyden (chairman of the Senate Finance Committee) and Cynthia Lummis (also an owner), drafted the bill. Lummis warned that “digital assets are here to stay in our financial system and the decisions we make now will have impacts far into the future. We need to be fostering innovation, not stifling it.”

The bill clarified the requirements for tax reporting, as was part of the original bill to fund it. These requirements will not apply to “individuals developing blockchain technology and wallets,” under the amendment, according to Senator Wyden. Senator Wyden said that while it is important to preserve American innovation, tax collection must be enforced.

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