The US president Biden has signed the $1.2 trillion infrastructure bill, which included new reporting requirements for cryptocurrencies, into law.
On the same day, a team of senators has introduced a bill to amend those requirements, which was beheld as limiting. In addition, the senators highlighted the importance of supporting American innovation in the digital assets world.
Note that the bipartisan team of senators has introduced amendments to the crypto reporting requirements covered in the $1.2 trillion infrastructure bill approved into law by Joe Biden earlier on November 16.
According to Bloomberg, the bill introduced would narrow some of the infrastructure bill’s cryptocurrency tax reporting rules.
After signing the bill, the president said,
"I just signed the Bipartisan Infrastructure Deal into law alongside members of Congress from both parties. This is a historic investment in our future that will create good-paying jobs and rebuild our nation's infrastructure. It's an enormous win for the American people."
In response to this, the crypto community expressed its concerns that the crypto tax provision of the infrastructure legislation was overly broad and could be especially doubtful for DeFi, and for miners and software developers.