The White House has voiced its support to an amendment on the planned infrastructure program, which would slap stringent reporting requirements for developers and validators, CoinTelegraph reported.
The White House Deputy Press Secretary Andrew Bates said the amendment “strikes the right balance” as it would strengthen tax compliance and reduce tax evasion in the cryptocurrency space.
The last-minute amendment proposed on Friday excludes proof-of-mining and sellers of hardware and software wallets, but this could be taken as crypto developers, and proof-of-stake validators would still be covered.
The White House said the amendment would ensure that high-income taxpayers would pay what they owe under the law. This would also raise $28 billion from expanded taxes on crypto transactions.
Crypto stakeholders denounced the amendment, mounting an online petition against it for the “dramatically expand[ing] financial surveillance.”