Nancy Pelosi urged to change “harmful” cryptocurrency provision in infrastructure bill

U.S. Rep. Anna Eshu asked House Speaker Nancy Pelosi to change crypto regulation in the $ 1.2 trillion infrastructure bill the Senate passed this week. The AP believes the commission should be given the opportunity to submit a proposal.

An Eshoo Spokesman Asks Pelosi to change “malicious language” in infrastructure crypto bill
Congressman Anna Ashu of California announced Thursday that she is”struggling to resolve potentially harmful cryptocurrency-related formulations in a bipartisan infrastructure bill.”

“The infrastructure and Business Investment Act for cryptocurrency brokers to raise concerns about tax reporting requirements for the dual Infrastructure Act, which has just been passed by the Senate,” Ashu wrote in a letter to House Speaker Nancy Pelosi on Thursday.:

The legislation uses a broad definition of “broker”, which may include miners, verifiers, and portfolio developers who fail to meet reporting requirements.

Many people criticized the crypto provision in the bill, with Senator Patrick Toomey calling it “unenforceable.”Sen. TED Cruz said, ” there is a section in this infrastructure bill designed to erase cryptography. That would be a tragic mistake.”Some have warned that if this law goes into effect, it will encourage innovation abroad.

The Senate passed an infrastructure bill Tuesday. It is currently awaiting House approval. However, the House has announced a break until September 20.

Pelosi wrote in the Ashu letter: “when the House passes the Senate bill, the legislation is 80603.I ask you to change the definition of a troubled broker in the Department.”

He explained:

A bipartisan group of senators proposed an amendment on the issue, supported by Finance Secretary Janet Yellen, but the amendment was not included because of procedural issues, not creature issues.

Compromise calls for crypto change unanimously

Join the Discussion

  • BrokerEUR/USD
    CMC Markets 0.7pips. (variable) margin: 3.33%
    Core Spreads 0.6pips (variable) margin: 3.33%
  • Back to top