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$1.2 Trillion Infrastructure Bill Passes Senate With Troubling Crypto Requirements

• https://news.bitcoin.com, by Kevin Helms

Senate Passes Infrastructure Bill With 'Unworkable' Crypto Tax Provision

The U.S. Senate voted 69-30 to approve the $1.2 trillion bipartisan infrastructure bill Tuesday without a crypto amendment.

Many people have raised concerns about the cryptocurrency provision in the bill. Senator Pat Toomey from Pennsylvania called it "unworkable." Two amendments were put forward to rectify the situation. On Monday, the senators who sponsored the two amendments reached an agreement with the Treasury Department and a compromise crypto amendment was born.

The Senate voted on the compromise amendment Monday afternoon. However, it required a unanimous consent agreement and Senator Richard Shelby from Alabama objected after he failed to get support for his own amendment.

Senator Ted Cruz from Texas tweeted Tuesday:

"This infrastructure bill has in it a portion that is designed to obliterate crypto. That would be a tragic mistake."

Senator Mike Lee from Utah warned during the Senate session Saturday that if this bill passes, "it's going to have a chilling effect on innovation within this sector … Places outside the United States may well be the ones to reap the benefit associated with the laws here in the United States if we adopt an unproven, untested, unknown strategy. What you'll see is the flight of innovation, and investments related to innovation, to offshore locations around the globe."


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