'We'll be back on this' — Alabama senator derails crypto amendment with two w...
"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,....
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"We want members of Congress to know that we'll be watching them and that we won't let them hide from their positions on this," said Evan Greer. Digital rights advocacy group Fight for the Future has publicly called out Alabama lawmaker Richard Shelby for preventing an amendment clarifying the role of crypto in the infrastructure bill to be addressed in the United States Senate.Fight for the Future has used donations it received in cryptocurrency to place a billboard in Birmingham, Alabama asking lawmakers not to support measures it believes would harm crypto and blockchain firms. Shelby,....
U.S. Senator Pat Toomey has called on Congress to stop the Treasury Department from maximizing its ability to regulate and tax crypto by picking winners and losers. “Congress should not allow that to happen,” he said. US Senator Urges Lawmakers Not to Crush Crypto Innovation Following the endorsement of a crypto tax amendment by the White House, concerns have been raised that the U.S. government is picking winners and losers in the crypto space. Two crypto tax amendments to the $1 trillion infrastructure bill have been introduced but the White House has chosen to endorse the....
The bill is a response from the Alabama Senator to Senator Warren and the Department of Labor’s bid to block Bitcoin investments in self-directed 401(k) investment plans. Republican Senator Tommy Tuberville from Alabama has unveiled a new bill he calls the Financial Freedom Act to allow Americans to add cryptocurrency to their 401(k) retirement savings plan unencumbered by regulatory guidance.The new bill is Tuberville's response to the Department of Labor’s (DOL) push to potentially keep crypto out of 401(k) investment plans due to its perceived potential for risk to investors. As....
Senator Shelby claims he supported the cryptocurrency provisions of the amendment to the infrastructure bill that his sole objection blocked from passing the senate. On July 29, Cointelegraph reported that provisions had been hastily added to the infrastructure bill that sought to raise $28 billion through expanded taxation and impose stringent third-party reporting requirements for any entity deemed to comprise a cryptocurrency “broker.”The provision’s broad language sent shockwaves across the crypto community, with onlookers noting that software developers, hardware wallet providers, and....
Fresh off the heels of Blockfi’s issues with the New Jersey Bureau of Securities, the company is now having problems in the state of Alabama. The director of the Alabama Securities Commission (ASC), Joseph Borg, explained on July 21 that he issued a show cause to the firm. Borg wants Blockfi to explain why the ASC should not copy New Jersey’s cease and desist as Alabama regulators also seem to believe they might be selling unregistered securities. Blockfi has received another order from the Texas State Securities (TSS) Board for the same reason. Alabama....