The Biden Administration backs infrastructure bill draft posing threat to DeFi

The White House has weighed in on the ongoing infrastructure bill debates.

The Biden Administration has backed an amendment to the infrastructure bill draft that could pose strict tax reporting rules on DeFi developers and Proof-of-Stake validators.

Senators Rob Portman and Mark Warner submitted a draft Thursday in response to an earlier amendment to the bill’s cryptocurrency provision. The new draft excludes only Proof-of-Work miners from the provision defining brokers, leaving room for crypto developers and Proof-of-Stake validators to be labeled as such. If passed, it would mean that DeFi developers and Proof-of-Stake validators in the U.S. would have to adhere to strict tax reporting rules.

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