US Senator Introduces Legislation To Repeal Infrastructure Bills Attack On Crypto Industry – Bitcoin Regulation News

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US Senator Ted Cruz introduced a bill to repeal the crypto provision of the $ 1,000 billion infrastructure package, which he says is a “devastating attack” on the crypto industry. “I urge my colleagues in the Senate to repeal this harmful language which will create regulatory uncertainty and in turn an unnecessary obstacle to innovation,” he said.

Senator Cruz calls for the repeal of the crypto provision of the Infrastructure Bill

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

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

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

The Infrastructure Investment and Jobs Act “contains a provision that extends the definition of” broker “to almost all participants in the cryptocurrency structure, treating them as a financial institution,” said Senator Cruz. “They should report consumer information to the Internal Revenue Service (IRS) even if those participants do not have access to that information.”

Cruz warned:

This mandate to collect the names, addresses and transactions of customers means that almost any business, even tangentially related to cryptocurrency, can suddenly be forced to monitor their users.

The Texas senator explained that his state “has quickly become the major hub of the cryptocurrency industry, and this exciting industry is now in danger of being stifled and pushed overseas by over-provision in it. new reckless spending program.

He added: “As a legislative body, the Senate should have done its job and held hearings to fully understand the implications of legislating on this emerging industry before we risked the livelihoods and privacy of participating Americans. », Specifying:

I urge my colleagues in the Senate to repeal this harmful language which will create regulatory uncertainty and, in turn, an unnecessary obstacle to innovation.

A few lawmakers have made efforts to change the cryptography provision in the infrastructure bill. For example, Senators Cynthia Lummis and Ron Wyden introduced legislation this week to change the definition of “broker” in the Infrastructure Investment and Jobs Act.

Do you think the crypto provision of the Infrastructure Bill will be repealed? Let us know in the comments section below.

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