President Biden said he would back an amendment to the $1 trillion bipartisan infrastructure bill concerning how cryptocurrency transactions would be taxed.

The bill was written by Sens. Kirsten Sinema, D-Ariz., Rob Portman, R-Ohio., and Mark Warner, D-Va., and is designed to set a broader definition of what a broker is and potentially subject crypto investors to higher taxes.

The bill would require transactions of more than $10,000 to be reported to the IRS. The bill also requires brokers to provide tax forms to the IRS with their name, address, and gross proceeds for transactions.

Another amendment was written by Sens. Ron Wyden, D-Ore., Cynthia Lummis, R, Wyo., and Pat Toomey, R-Pa., and carefully defines the term broker and excludes validators, software and hardware makers, as well as protocol developers.

Reporting obligations would not apply to anyone engaging in the business of validating crypto transactions, selling hardware or software to control private keys used to access digital coins, wallets, or developing digital assets for people who are not customers.

“The Administration is pleased with the progress that has yielded a compromise sponsored by Senators Warner, Portman, and Sinema to advance the bipartisan infrastructure package and clarify the measure to reduce tax evasion in the cryptocurrency market,” wrote deputy press secretary Andrew Bates.

“The Administration believes this provision will strengthen tax compliance in this emerging area of finance and ensure that high-income taxpayers are contributing what they owe under the law. We are grateful to Chairman Wyden for his leadership in pushing the Senate to address this issue, however we believe the alternative amendment put forward by Senators Warner, Portman, and Sinema strikes the right balance and makes an important step forward in promoting tax compliance,” Bates wrote.

Blockchain Association executive Kristen Smith believes the Warner-Portman-Sinema amendment would damage the crypto industry, calling it “anti-technology” and “anti-innovation” and that it would “force crypto development and innovation out of the U.S. to friendlier pro-technology jurisdictions.”

The Senate plans to vote on the bipartisan infrastructure bill on Saturday.