A compromise crypto amendment between senators Cynthia Lummis (R-Wyo.), Pat Toomey (R-Pa.), and the U.S. Treasury failed to make it into the final version of the bill.
Today in the Senate, Senator Toomey introduced a process known as Unanimous Consent, which required zero objections to pass a motion. Although support for the compromise agreement was widespread, it failed on the objection of Senator Richard Shelby (R-AL), who objected with the request of including a $50 billion defense amendment to the bill.
Then in a last-ditch effort Senator Ted Cruz (R-TX) asked for Unanimous Consent on his own amendment, which would have stricken the crypto language from the bill altogether. However, Shelby objected for the same reasons.
There had been optimism this morning when the bi-partisan group of senators, which had been promoting competing agreements over the past few days, that the ‘problematic’ language from the original bill would be struck before a final vote. In particular, Senators Ron Wyden (D-OE), Cynthia Lummis (R-WY), and Pat Toomey (R-PA), objected to vague language that would require any node or miner, as well as software developers, to be categorized as a ‘broker’ and produce 1099s for crypto users. The compromise language would have exempted these entities to primarily focus on crypto exchanges, such as Coinbase.
The failure comes on the back of widespread crypto industry rallying, including more than 40,000 calls reportedly made to Senators by the non-profit Fight for the future.
With no more paths to alter the bill’s language, the next step in the process is for the $1.2 trillion bill to be voted on in its entirety by the Senate, which could happen anytime. Given the bi-partisan nature of the bill, it is expected to pass. It must then be reconciled with a version produced by the 435 member House of Representatives before getting signed by President Biden and becoming law.
Actual implementation of the law is expected in 2023.
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August 10, 2021 at 03:32AM
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BREAKING: $50 Billion Defense Spending Amendment Kills Bitcoin-Friendly Legislation, Original ‘Problematic’ Text Going To Final Vote - Forbes
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