{"id":14510,"date":"2021-11-19T16:54:06","date_gmt":"2021-11-19T16:54:06","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/us-senator-introduces-legislation-to-repeal-infrastructure-bills-attack-on-crypto-industry\/"},"modified":"2021-11-19T16:54:06","modified_gmt":"2021-11-19T16:54:06","slug":"us-senator-introduces-legislation-to-repeal-infrastructure-bills-attack-on-crypto-industry","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/us-senator-introduces-legislation-to-repeal-infrastructure-bills-attack-on-crypto-industry\/","title":{"rendered":"US Senator Introduces Legislation to Repeal Infrastructure Bill\u2019s Attack on Crypto Industry"},"content":{"rendered":"

U.S. Senator Ted Cruz has introduced a bill to repeal the $1 trillion infrastructure package\u2019s crypto provision, which he said is a \u201cdevastating attack\u201d on the crypto industry. \u201cI urge my colleagues in the Senate to repeal this harmful language that will create regulatory uncertainty and in turn an unnecessary barrier to innovation,\u201d he said.<\/strong><\/p>\n

Senator Cruz Pushes for Infrastructure Bill\u2019s Crypto Provision to Be Repealed<\/h2>\n

U.S. Senator Ted Cruz said Tuesday that he has introduced \u201clegislation to repeal infrastructure bill\u2019s \u2018devastating attack\u2019 on emerging cryptocurrency industry.\u201d President Joe Biden signed the $1 trillion infrastructure bill into law early this week.<\/p>\n

Senator Cruz explained that his bill \u201cwould repeal an overly broad and poorly-crafted provision from the infrastructure package that creates new reporting requirements for many participants within the blockchain industry.\u201d He emphasized:<\/p>\n

This provision will stifle innovation in the industry, endanger the privacy of many Americans and cryptocurrencies, and likely push key aspects of the industry overseas to countries like China.<\/p>\n

The Infrastructure Investment and Jobs Act \u201ccontains a provision that expands the definition of \u2018Broker\u2019 to nearly all participants in the cryptocurrency structure, treating them as a financial institution,\u201d Senator Cruz described. \u201cThey would have to report consumer information to the Internal Revenue Service (IRS), even if these participants do not have access to that information.\u201d<\/p>\n

Cruz warned:<\/p>\n

This mandate to collect names, addresses, and transactions of customers means almost every company even tangentially related to cryptocurrency may suddenly be forced to surveil their users.<\/p>\n

The senator from Texas explained that his state \u201chas quickly emerged as the main hub for the cryptocurrency industry, and that exciting industry is now in danger of being stifled and driven overseas by an overreaching provision in this newly-signed, reckless spending package.\u201d<\/p>\n

He added, \u201cAs a deliberative body, the Senate should have done its job and held hearings to properly understand the consequences of legislating on this emerging industry before we risked the livelihoods and privacy of participating Americans,\u201d elaborating:<\/p>\n

I urge my colleagues in the Senate to repeal this harmful language that will create regulatory uncertainty and in turn an unnecessary barrier to innovation.<\/p>\n

A few lawmakers have made efforts to amend the crypto provision in the infrastructure bill. For example, Senators Cynthia Lummis and Ron Wyden introduced<\/a> legislation this week to amend the \u201cbroker\u201d definition in the Infrastructure Investment and Jobs Act.<\/p>\n

Do you think the infrastructure bill\u2019s crypto provision will be repealed? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, infrastructure bill, repeal infrastructure bill, senator ted cruz, Ted Cruz<\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. Senator Ted Cruz has introduced a bill to repeal the $1 trillion infrastructure package\u2019s crypto provision, which he said is a \u201cdevastating attack\u201d on the crypto industry. \u201cI urge my colleagues in the Senate to repeal this harmful language that will create regulatory uncertainty and in turn an unnecessary barrier to innovation,\u201d he said.…<\/p>\n","protected":false},"author":0,"featured_media":14511,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14510"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14510"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14510\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14511"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}