A bipartisan group of U.S. senators is creating a bill to fix crypto tax reporting regulations that were set in the infrastructure law, according to a report by Bloomberg on Monday.

  • The new bill will override a provision in the infrastructure legislation that crypto investors say is overly broad and would hamper the growth of digital currencies.
  • Ron Wyden, Senate Finance Committee Chairman, and Senator Cynthia Lummis mentioned tweaks on the rules.
  • Wyden stated that the bill clarifies that the new reporting requirements do not apply to individuals developing blockchain technology and wallets.
  • Wyden further stated that the bill will protect American innovation while ensuring that those who buy and sell cryptocurrency pay the taxes they already owe to the government.
  • The legislation would expound on new tax-reporting requirements for digital currencies that are part of the $550 billion infrastructure bill.

The new law will force some crypto companies that provide services implementing the transfer of digital assets to report information on their users. BTC USD down -5.20%