US senator introduces legal provisions to the abolition of the attack of the infrastructure law on the crypto industry-regulation
US senator introduces legal provisions to the abolition of the attack of the infrastructure law on the crypto industry-regulation
US senator Ted Cruz has submitted a draft law to lift the crypto provision of the $ 1-billion infrastructure package, which in his opinion is a "devastating attack" to the crypto industry. "I ask my colleagues in the Senate to lift this harmful language, which will lead to regulatory uncertainty and thus to unnecessary obstacles to innovation," he said.
Senator Cruz urges the crypto determination of the Infrastructure Act
US senator Ted Cruz said on Tuesday that he had introduced "laws to the abolition of the" devastating attack "of the infrastructure law on the aspiring cryptocurrency industry. President Joe Biden signed the law on infrastructure of $ 1 trillion at the beginning of this week.
Senator Cruz said that his draft law would "abolish an excessive and poorly elaborated provision from the infrastructure package that creates new reporting obligations for many participants in the blockchain industry". He emphasized:
This provision will suffocate innovations in the industry that endanger the privacy of many Americans and cryptocurrencies and probably shift important aspects of the industry to countries such as China.
The Infrastructure Investment and Jobs Act "Contains a provision that extends the definition of 'broker' to almost all participants in the cryptocurrency structure and treats them as a financial institution," said Senator Cruz. "You would have to report consumer information to the Internal Revenue Service (IRS), even if these participants have no access to this information."
Cruz warned:
Collecting this mandate, names, addresses and transactions of customers means that almost every company that even has to do with cryptocurrency can suddenly be forced to monitor its users.
The Senator from Texas said that his state "quickly developed as the main hub for the cryptocurrency industry and that the exciting industry is now having a risk of getting abroad through an overarching provision in this newly signed, ruthless spending package".
he added: "As a advisory committee, the Senate should have done its work and prevent hearings in order to properly understand the consequences of legislation for this emerging industry before we jeopardized the livelihood and privacy of the participating Americans."
I ask my colleagues in the Senate to lift this harmful language, which leads to regulatory uncertainty and thus to unnecessary obstacles to innovation.
Some legislators have tried to change crypto determination in the infrastructure law. For example the senators Cynthia Lummis and Ron Wyden
Do you believe that the crypto regulations of the Infrastructure Act are canceled? Let us know in the comment area below. Bedy verification : Shutterstock, Pixabay, Wiki Commons