On Thursday, a bipartisan group introduced a bill that addressed a new tax reporting requirement regarding cryptocurrency.

The Keep Innovation in America ActReps. Patrick McHenry and Tim Ryan, D.Ohio led the definition of brokers. They would be bound by tax reporting rules so software developers with no customer data to report will not get tangled up under the new provision.

Although legislators tried to address the problem before passage of the infrastructure bill, they failed to do so. amendment was blocked by Sen. Richard Shelby, R-Ala., for what he said was an unrelated reason.

Without more precise language, trade associations representing cryptocurrency industry warn of the uncertainty this new tax reporting requirement will create. Some advocates for crypto warned that it could push the industry towards other countries, in an effort to escape the complex rules.

These same groups cheered Thursday’s bipartisan bill during statements that were released with the bill’s publication.

Kristin Smith from Blockchain Association stated that Congressman McHenry made bipartisan efforts to clear up the confusing language about crypto within the bill.

According to Perianne Boring, the founder and CEO of The Chamber of Digital Commerce, “This legislation will safeguard innovation in America and strengthen our position as a leader on blockchain technology.” She added that it takes a necessary step “to protect consumer privacy by undoing a potentially intrusive part of the infrastructure bill that threatens treat crypto users like criminals and force crypto to share private information to engage in routine transactions.”

Although the legislation was passed as-is, the industry organizations said that they had modified the language. drew new attention to cryptocurrency in CongressThis is especially so after lawmakers were overwhelmed by calls asking for language reform.

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