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Home Cryptocurrencies

Crypto Just “Got Screwed” – Sen. Ted Cruz

LollyCrypt by LollyCrypt
9 months ago
in Cryptocurrencies
Reading Time: 2 mins read
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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.
Crypto Just “Got Screwed” - Sen. Ted Cruz

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.

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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.

Tags: cryptoScrewedSen. Ted Cruz

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