The amendments to crypto in the US Infrastructure bill has been an issue of concern lately, according to Sen. Ted Cruz, the US Senate has given a ‘NO vote’ to some of the suggested amendments.
After opposing any additional modifications to the infrastructure bill, U.S. Senate Majority Leader Chuck Schumer has earned the wrath of the Bitcoin community.
Sen. Ted Cruz (R-TX) argues that the cryptocurrency business has been “screwed,” and that continuing with the bill’s original text might “inflict billions of dollars of damage” on the budding industry.
While talks appear to be ongoing, Jerry Brito, executive director of the Coin Center, believes there is only a “small chance” that the bill’s restricted language will be altered.
According to U.Today, the $1 trillion federal infrastructure plan has been blocked due to a measure that would impose severe reporting requirements on all crypto dealers.
Senators Patrick Toomey (R-PA), Ron Wyden (D-OR), and Cynthia Lummis (R-WY) have submitted several competing changes to safeguard the industry, with Senator Patrick Toomey’s (R-PA), Ron Wyden’s (D-OR), and Cynthia Lummis’ (R-WY) rewrite being by far the most popular.
Sen. Rob Portman (R-OH), the author of the contentious tax measure, stated that miners, stakers, software and hardware developers, and validators will not be affected.
Lummis alleges in a lengthy Twitter thread that the Senate will reassemble in order to persuade Schumer to reconsider the favourable bitcoin amendment.
The crypto-friendly senators, on the other hand, may simply not have enough time, as the amendment must be voted on by early Tuesday morning.