The U.S. legislators behind the Infrastructure Act Encryption Amendment propose a compromised version of the amendment

If no senator objected, the new compromised amendment could still be added to HR 3684 by unanimous request.

U.S. senators proposed various amendments to the provisions of the infrastructure agreement that apply to cryptocurrencies, and reached a compromise after the legislation was frustrated.

In a press conference on Monday, Senator Pat Toomey said that the two parties have now reached an agreement on the amendment to the infrastructure bill HR 3684, which was approved by Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema, and Ron Wyden. support. The Pennsylvania lawmaker said that the new amendment would exempt software developers, transaction verifiers and node operators, and that tax reporting requirements “should only apply to intermediaries.”

Toomey said: “We got together to discuss, in order to more clearly define who is the actual broker of the cryptocurrency. We did not make any radical or radical recommendations. Our solution clearly states that the broker only refers to those who are spending. Who buy, sell, and trade digital assets.”

He added:

We don’t think this is an absolutely perfect solution, but it is much better than the basic text.

Jerry Brito, head of the Coin Center, a Washington cryptocurrency think tank, revealed part of the text of the revised amendment, which shows that it will change the definition of “broker” in HR 3684 to apply to “any digital asset transfer on behalf of others on a regular basis” People”.

This intermediate plan may be to gain more political support and at least find some alternatives to the wording of the existing infrastructure bill before the final vote scheduled for Tuesday. On Sunday, the Senate voted to end the debate on the infrastructure agreement, which effectively prevented any additional amendments to the bill before the final vote.

However, the new compromise version of the amendment can still be added to HR 3684 by unanimous request-according to Senate regulations, if no other senator opposes the motion, the bill can be amended. Wyden said that Senate Majority Leader Chuck Schumer will not block such requests for the cryptocurrency amendment, which means that the amendment may be added to the bill later on Monday.

Kristin Smith, executive director of the Blockchain Association, said: “It’s not perfect, but it’s better than the basic bill. The Senate should take action today to adopt this wording.”

The amendment was originally proposed by Wyden, Lummis, and Toomey, and proposed to change the definition of brokers in the bill to exempt crypto miners, node verifiers, and software developers. However, another amendment proposed by Portman, Warner, and Sinema was supported by the White House, although the proposal only excluded miners and wallet providers.

Many people in the encryption field agreed with Wyden, Lummis, and Toomey’s amendments, but criticized Portman, Warner, and Sinema’s amendments. Some people claimed that the latter would essentially allow the US government to select encryption technologies acceptable to regulators, and the original wording of the bill would “impose unrealistic requirements on Bitcoin node operators, developers, and miners.”

Lummis said at the press conference: “We can’t make mistakes in this area. We need to make sure that people don’t hide money in digital taxes to avoid taxes, but we must do this in a way that does not stifle innovation. .”

She added:

The silver lining behind all these debates and discussions is that we have discovered who in the Senate is interested in this issue, and he may not have known about it before. … We are finally able to explain to the members of the Senate that many people are interested in digital assets and are engaged in certain aspects of digital assets. Now they have contacted the U.S. Senator.

If the amendment is added to the infrastructure bill on Monday and passed in a vote on Tuesday, the bill still needs to be approved by the House of Representatives and then signed into law by President Joe Biden.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-u-s-legislators-behind-the-infrastructure-act-encryption-amendment-propose-a-compromised-version-of-the-amendment/
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