Senators seek crypto reporting amendment as Biden signs infrastructure bill

• The new bill would amend digital asset changes in infrastructure measure

• The legislation seeks to narrow taxation rules for crypto miners and brokers

A bipartisan group of U.S. senators is proposing a bill to narrow down tax reporting rules for digital currencies seeking to overrule a provision in the infrastructure bill that investors say is overly broad and would stifle the growth of cryptocurrencies.

The new legislation will force some crypto firms that provide a service “effectuating” the transfer of digital assets to report information on their users — as some other financial firms are required to do — to enforce tax compliance, Bloomberg News reported.