Key senators on Monday announced a deal to make changes to a cryptocurrency provision in the$1 trillion bipartisan infrastructure bill.

The bill, which appears on track to pass the Senate shortly, features new tax-reporting requirements on transactions involving bitcoin and other cryptocurrencies. That’s expected to raise $28 billion to help provide funding for Senate spending on roads, broadband internet and other infrastructure projects. Crypto advocates have warned the new requirements could end up affecting not just brokers, but also miners and other industry players.

An amendment to address the issue was rolled out last week by Democratic Sen. Ron Wyden of Oregon and Republican Sens. Cynthia Lummis of Wyoming and Pat Toomey of Pennsylvania, while the Biden White House said it preferred a different amendment on the matter that was backed by Republican Sen. Rob Portman of Ohio and Democratic Sens. Kyrsten Sinema of Arizona and Mark Warner of Virginia.

On Monday afternoon, those senators announced a deal on the reporting requirement, saying they would push to pass their compromise amendment through a process known as unanimous consent. As of late Sunday, no amendment on the issue had been approved by the Senate, in a development that Height Capital Markets analyst Edwin Groshans had described on Monday morning as “negative for digital assets.” But the outlook then improved, as the deal was made.

“We’ve been working all weekend to come up with a compromise to address the digital asset broker issue in the Bipartisan Infrastructure Framework. While it’s not perfect, it protects innovation and doesn’t choose winners and losers,” Lummis said in a tweet.


was rallying on Monday, as some traders watched how it performed in the vicinity of a key chart level — its 200-day moving average.

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