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Traders and investors in favor of using blockchain technology for online transactions are advocating against a tax law in advance of the Senate’s vote on the last passage of the planned package of $1.2 trillion, CNN reported. The tax provision was added at the last moment. If signed into law, it will result in a very high number of users having to report filings to the IRS.

According to the cryptocurrency advocates, the language used in the statutory text is far too general and disregards nuance. Neeraj Agrawal, director of communications at crypto policy think tank Coin Center, said:

“This is no way to make policy. Decisions are being made that will massively influence how cryptocurrency develops in America, but it’s being done as a last-minute addition to a must pass infrastructure bill. There’s been a massive mobilization in DC to try to educate senators and members of Congress about the shortcomings of this language, but we do not have that much time.”

After insistence from advocates to make the language more specific in terms of reporting requirements, Senator Ron Wyden of Oregon (D), Senator Pat Toomey of Pennsylvania (D), and Senator Cynthia Lummis of Wyoming (R) updated an amendment to the original law, which would make the requirements for reporting tax information stricter. In a statement to the Senate Finance Committee, Wyden said:

“Investors failing to pay tax they owe through cryptocurrency is a real problem, and I strongly support third-party reporting by exchanges where cryptocurrency is bought, sold and traded. Our amendment makes clear that reporting does not apply to individuals developing block chain technology and wallets. This will protect American innovation while at the same time ensuring those who buy and sell cryptocurrency pay the taxes they already owe.”

In response to the proposals, digital rights NPO Fight for the Future, which has a solid following on social media, urged legislators to tone down the proposed regulations. They mobilized activists and almost 40,000 people were directed to their online portal in an attempt to change the proposal.

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