3 US Senators are proposing amendments the infrastructure bill that would put some of the cryptocurrency market out of its reach

A group of US senators is proposing a legislative amendment to the infrastructure bill that would exclude certain parts of the cryptocurrency industry from a tax reporting rule.

On Wednesday, Sens. Ron Wyden of Oregon, Patrick J. Toomey of Pennsylvania, and Cynthia Lummis of Wyoming filed an amendment that will exclude crypto miners and software developers from the tax reporting requirements in the bill.

The current bill proposes that all crypto "brokers" and investors report their transactions to the IRS, a practice that is estimated to raise over $28 billion to fund infrastructure projects over the next decade. 

But senators say the current bill's definition of a broker is too broad, and argue reporting obligations should apply only to individuals conducting transactions on exchanges where digital assets are bought, sold, and traded.