The $1 trillion dollar infrastructure bill is about to be passed by the US senate, and there is a distinct possibility that none of the amendments for the crypto industry will have time to be voted on. This can lead to billions of dollars of damage being inflicted on the incredibly innovative sector.
Texas senator Ted Cruz is furious with democrats for their “reckless and harmful” lack of understanding as regards the crypto part of the infrastructure bill.
Senator Cruz is apparently angry with the complete disregard that senators have shown to the section of the bill pertaining to cryptocurrencies. It could certainly be said that the crypto industry is so far in advance of the understanding of these senators that they really aren’t capable of giving a view.
Because of the partisan disagreement democrats have disagreed with all further amendments to the bill. Cruz comments:
“That means NO vote on Wyden-Lummis to lessen the damage this bill will do to crypto, & NO vote on the Cruz amd. to repeal the new crypto rules altogether. The Senate’s going to inflict billions of dollars of damage on the growing & exciting crypto industry & drive much of it overseas.”
The controversy that surrounds the bill is due to its unclear language as regards the definition of a “broker”. As the bill stands, this can be applied to just about any stakeholder in crypto, whether they be miners, DeFi platforms, lenders, stakers etc.
Cynthia Lummis, one of the senators who appears to understand the enormity of what is happening has criticised senator Schumer for not allowing amendments to be voted on. She said:
“we’re at an impasse. I understand my colleagues’ positions. But real people are going to be hurt if we do not change the language in this bill. Tomorrow we’ll be back in session and again work to convince our colleagues and Senator Schumer that our amendment deserves a vote.”
The 30-hour window in which to vote on amendments expires early tomorrow. If an agreement is not reached by then, the bill will go through as is, causing untold damage to crypto.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.