US senator introduces law to end attack on infrastructure law on crypto industry – Bitcoin news regulation

US senator introduces law to end attack on infrastructure law on crypto industry – Bitcoin news regulation

U.S. Senator Ted Cruz presented a bill that abolishes the crypto provision of the $ 1 trillion infrastructure package, which he said was a “devastating attack” on the crypto industry. “I call on my colleagues in the Senate to abolish this harmful language that will create regulatory uncertainty and in turn an unnecessary obstacle to innovation,” he said.

Senator Cruz is asking for the crypto provision of the Infrastructure Act to be repealed

U.S. Senator Ted Cruz said on Tuesday that he had introduced “legislation to repeal the ‘devastating attack’ of infrastructure law on the emerging cryptocurrency industry.” President Joe Biden signed the $ 1 trillion infrastructure bill earlier this week.

Senator Cruz explained that his bill would “remove an overly broad and ill-conceived provision from the infrastructure package that creates new reporting requirements for many participants in the blockchain industry.” He emphasized:

This provision will stifle innovation in the industry, threaten the privacy of many Americans and cryptocurrencies, and are likely to push key aspects of the industry into countries like China.

The Infrastructure Investment and Business Act “contains a provision that extends the definition of‘ broker ’to almost all participants in the cryptocurrency structure, treating them as a financial institution,” Senator Cruz described. “They would have to report consumer information to the IRS, even if these participants do not have access to that information.”

Cruz warned:

This mandate to collect customer names, addresses and transactions means that almost any company that is even tangentially linked to cryptocurrencies could suddenly be forced to monitor its customers.

The Texas senator explained that his state “quickly emerged as the main hub of the cryptocurrency industry and that the exciting industry is now in danger of being stifled and taken overseas by an oversized provision in this newly signed, reckless spending package.”

He added, “As an advisory body, the Senate needed to do its job and hold hearings to properly understand the implications of legislation on this emerging industry before we risked the livelihoods and privacy of participating Americans,” elaborating:

I call on my colleagues in the Senate to abolish this harmful language that will create regulatory uncertainty and in turn an unnecessary obstacle to innovation.

Several legislators have made efforts to amend the crypto provision in the infrastructure law. For example, Senators Cynthia Lummis and Ron Wyden introduced legislation this week to change the definition of “broker” in the Infrastructure Investment and Employment Act.

Do you think that the crypto provision of the infrastructure law will be abolished? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or approval of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by the use or reliance on any content, goods or services mentioned in this article.

(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src=”https://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v3.2″;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));



Source link

Leave a Reply