Breaking: Senators Fight To Include Last-Minute Crypto Amendment To US Infrastructure Bill
Senators Cynthia Lummis and Ron Wyden are back again to speak up for the crypto community in Congress. Will their latest crypto amendment to the infrastructure bill make the cut?
Covered:
- Senators’ New Crypto Amendment
- The Original Infrastructure Bill
- Governments Around The World Turning To Bitcoin
In another episode of the heated infrastructure bill debate, US Senators Cynthia Lummis of Wyoming and Ben Wyden of Oregon stepped in just hours before the signing of President Biden’s Build Back Better Infrastructure deal to propose new crypto amendments that would clear up the bill’s current confusing wording.
The Original Infrastructure Bill
As a refresher, the original bill proposed by Congress imposes sweeping tax reporting requirements on investors.
The proposal increases the government’s tax revenues by applying burdensome know-your-customer (KYC) and reporting requirements for miners, validators, and hardware wallet developers by expanding the definition of ‘broker’.
However, as pointed out by numerous crypto proponents, including Senator Lummis, these regulations present unreasonable requirements for such reporting as most decentralized financial (DeFi) products that the bills are targeted towards do not carry the required information that needs to be reported, such as personal information like social security numbers.
Senators’ New Crypto Amendment
As part of the new crypto amendment, Lummis and Wyden are proposing that Congress removes the tax requirements imposed on blockchain and digital wallet developers, as reported by Blockworks.
JUST IN: Senators Lummis and Wyden introduce a bill to narrow new tax rules for crypto brokers.
“Our bill makes clear that the new reporting requirements do not apply to individuals developing blockchain technology and wallets,” – Senator Wyden pic.twitter.com/RuIYoWKldI
— Blockworks (@Blockworks_) November 15, 2021
Senator Lummis added that “We need to be fostering innovation, not stifling it, if we are going to maintain America’s position as the global financial leader.”
Recommended: That Dreaded Infrastructure Bill
The bill was poised to be signed by President Biden today, but the White House’s next move has yet to be announced in light of Lummis and Wyden’s amendment.
Governments Around The World Turning To Bitcoin
As the US government stumbles over its approach to regulating digital assets, other countries across the globe are coming out to show their support for the asset class.
Just last week, Russian government officials proposed legislation that would legalize Bitcoin mining in the country.
JUST IN – Russian lawmakers propose bill to legalize #bitcoin mining industry pic.twitter.com/DXfRmwlTFk
— Bitcoin Magazine (@BitcoinMagazine) November 11, 2021
Most recently, a government council official from Ukraine recently revealed that he owns over 124 Bitcoin (BTC), currently valued over $7.9 million. The news comes after recent data that ranks Ukraine as the most interested in crypto among countries throughout the world. Some of the other leading countries on that list include Kenya, South Africa, the United Kingdom, and others.
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Text source: CryptosRus
