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Senators Seek Crypto Reporting Fix as Biden Signs Infrastructure

Nov. 15, 2021, 5:00 PM

A bipartisan team of U.S. senators is introducing a bill to narrow some cryptocurrency tax reporting rules that were laid out in the infrastructure legislation that’s set to become law on Monday.

The new bill, the text of which was obtained by Bloomberg News, seeks to override a provision in the infrastructure legislation that cryptocurrency investors say is overly broad and would stifle growth of digital currencies.

Senate Finance Committee Chairman Ron Wyden, an Oregon Democrat, and Senator Cynthia Lummis, a Wyoming Republican, wrote the tweak to the rules.

“Our bill makes clear that the new reporting requirements ...