Cryptocurrency lobbyists have been rejected for a proposal to amend general tax rules in the US Senate. Politicians argue that the industry needs more money for future legislative battles for its interests.

The emerging industry was unable to achieve a change in the rules for tax reporting on transactions with cryptocurrency, spelled out in the infrastructure development bill. The Senate is gearing up to pass legislation giving the opportunity for the U.S. government for broad oversight over the circulation of digital money.

An amendment proposed by Republican Cynthia Lummis and Democrat Warner would remove new tax reporting requirements for crypto firms. The amendment to the law was developed by the senators due to the lack of technical ability for miners and software developers to submit tax data to the appropriate government department.