After months of resistance from his Democratic Party, the most important achievement of the Biden Administration will be made law by him signing the $1 trillion infrastructure bill.

The bipartisan opposition to this piece of legislation was mainly due to lawmakers who opposed key provisions of the bill that dealt with cryptocurrencies. The first dealt with vague language around the definition of a crypto “broker,” which would require burdensome transaction reporting requirements on crypto users small and large. Another deal with the requirement to give significant details to IRS regarding crypto transactions above $10,000.

Today it’s being reported that certain U.S. According to reports, Senators plan to change the language used in crypto, to ensure that it doesn’t hurt crypto investors or smaller, blockchain-based companies, and to encourage innovation. Sens. Ron Wyden (D.OR) and Cynthia Lummis, (R.WY), are working together to reduce the burden on the legislature from the original, hastily written language.

To offset the cost of infrastructure, some anti-crypto terminology was added. The thinking was that crypto mining rigs that rely on “proof of stake” allegedly consume more than their share of electricity, so those energy gluttons should pay for that excess privilege – even though there is no conclusive evidence that crypto activities play any direct role in climate change.

By narrowing the rules within the infrastructure law, Wyden and Lummis’s bipartisan bill would help fix the legislative overreach into crypto, which would likely hinder individuals working on new digital wallets and blockchain tech. The Senators’ amended pro-crypto language will take several weeks to be reviewed and possibly approved. However, the actual legislation governing infrastructure will not be in effect as of January 2024.

To The Flipside

• We are fortunate that there is still an elected official who can recognize poor legislation as soon as they see it.
• The Wyden-Lummis Amendment should have plenty of time to gain the support it needs to be approved.

What are the reasons to care?

Without the bipartisan support for cryptocurrency, the U.S. might be just following China in squelching innovation and eventually killing it.

EMAIL NEWSLETTER

Get the other side of crypto!

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7]
With just one click, you can unsubscribe at any time.

Continue reading on DailyCoin