Senators Toomey, Lummis Push Bitcoin Amendment to Infrastructure Bill
Senators Toomey and Lummis held a press conference today focusing on a proposed amendment to a bill they fear could stifle Bitcoin.Senators Pat Toomey (R-PA) and Cynthia Lummis (R-WY) held a press conference Monday to address the $1.2 trillion infrastructure bill currently being considered by the Senate. To begin, Senator Toomey introduced a much-debated amendment to the bill, but noted the general agreement among elected officials (and the bitcoin community) that centralized digital exchanges acting as brokers should be required to report transactions to the IRS just like other kinds....
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Janet Yellen's position on a "compromise" amendment proposed yesterday is unclear, but she reportedly raised objections to the language on crypto put forth by Senators Wyden, Lummis, and Toomey. On Wednesday of this week, several U.S. senators proposed an amendment to an infrastructure bill which would clarify language concerning crypto. Even though that proposal seemingly has the support of the white house, U.S. Treasury Secretary Janet Yellen has reportedly come out against the measure.According to a Friday report from the Washington Post, Yellen raised objections to the proposed....
"Who knows how much innovation we’re going to stifle, who knows what kind of new apps never emerge," said Senator Pat Toomey. A compromise which proposed amending provisions in the bipartisan infrastructure deal on crypto failed to meet the requirements of a unanimous consent request in the Senate, making the bill likely to go to a full vote without additional changes.This afternoon, Senator Tom Carper, the Democratic floor manager for infrastructure bill HR 3684, put forth the compromise amendment agreed upon earlier today by Senators Pat Toomey, Cynthia Lummis, Rob Portman, Mark Warner,....
"This legislation imposes a badly flawed, and in some cases unworkable, cryptocurrency tax reporting mandate that threatens future technological innovation,” said Senator Toomey. The fight for lawmakers to clear up the language used to define brokers in the crypto space may be moving to the United States House of Representatives soon after a failed attempt in the Senate.In a 69-30 vote, the Senate passed HR 3684 this morning, a bipartisan bill that proposes roughly $1 trillion in funding for roads, bridges and major infrastructure projects. However, the bill also suggests implementing....
The senator's stance is somewhat surprising, given that he previously called the section on brokers in the proposed bill a “common-sense provision.” Senator Rob Portman, one of the lead Republican voices for negotiations over an infrastructure bill in the United States Senate, said he supports an amendment clarifying the intent of a cryptocurrency provision.In a tweet today, Portman encouraged his colleagues in the Senate to vote on an amendment proposed this week by Ron Wyden, Cynthia Lummis and Pat Toomey that suggests striking the definition of brokers in the infrastructure bill to no....
The new compromise amendment could still be added to HR 3684 through a unanimous consent request — provided no senators object. United States Senators putting forth differing amendments for provisions in the infrastructure deal that apply to crypto have reached a compromise after a legislative setback. In a press conference on Monday, Senator Pat Toomey said there was now a bipartisan agreement on an amendment to infrastructure bill HR 3684, backed by Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema and Ron Wyden. The Pennsylvania lawmaker said the new amendment would exempt....