8-word crypto amendment in Infrastructure Bill an ‘affront to the rule of law’
A proposed bill waiting for vote in Congress contains a “dangerous” amendment. Legal experts have warned that a section of the Infrastructure Bill, which is due for a vote today, amends a part of the tax code and makes a failure by businesses and individuals to report digital asset transactions a criminal offense.University of Virginia School of Law lecturer Abraham Sutherland said it is a separate provision to the controversial “broker” provision that attracted all the attention when the bill was in the Senate:“It’s bad for all users of digital assets, but it’s especially bad for....
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The White House has endorsed an amendment to the $1 trillion Infrastructure bill that supports proof-of-work over all other consensus mechanisms. However, the crypto community is supporting a different amendment. White House Takes Stance on Infrastructure Bill’s Crypto Tax Amendment The White House has endorsed an amendment to the Infrastructure bill sponsored by Senators Mark Warner, Rob Portman, and Kyrsten Sinema who drafted the original tax provision. This amendment competes with another introduced a day prior that has gained much support from the crypto community. It was....
The recent addition to the infrastructure bill is an affront to the progression of the Bitcoin industry in the United States.
"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,....
Senate talks regarding the controversial crypto provisions to the U.S. infrastructure bill have ended without amendment, suggesting the original bill will be voted on come Tuesday. The provisions aim to raise $28 billion for infrastructure funding through expanded digital asset taxation, and will impose broad third-party reporting requirements on any crypto firm deemed to comprise a “broker.”On August 9, general counsel to Compound Finance, Jake Chervinsky, tweeted that the Senate had voted 68 in favor to 29 against ending debate surrounding the provisions, halting discussions until....
The bitcoin price fell slightly after an amendment clarifying cryptocurrency tax rules in the proposed U.S. infrastructure bill was rejected.