U.S. Senators Ron Wyden (D-OR), Cynthia Lummis (R-WY) and Pat Toomey (R-PA) Propose amendments Yesterday, the US$1 trillion Infrastructure Investment and Employment Act (IIJA) was passed to address its Proposed cryptocurrency regulations.
Cryptocurrency is not the point International Business Association-The main purpose of the bill is to provide funds for the improvement of US infrastructure-but it contains several provisions designed to make it easier for financial regulators to monitor the crypto market. These rules are also expected to raise up to 28 billion U.S. dollars through federal taxes within 10 years.
However, these regulations have been criticized as being too broad, and the Electronic Frontier Foundation debate What they mean is that “almost every company and even cryptocurrency-related companies may suddenly be forced to monitor their users.” The amendment proposed by Wyden, Lummis, and Toomey attempts to change this.
Senator Lummis’ office explained in a press release:
“The Senator’s amendment will clarify that’brokers’ only refer to people who trade on exchanges where consumers buy and sell digital assets, and do not require people engaged in mining or mortgages, selling hardware or software to provide information reports. If other If the person is not a customer, the individual can use it to control the private key, or to develop digital assets or their corresponding agreements for others to use.”
This Proposed amendment It is only two and a half pages long, which is insignificant compared to the 2,702 pages that make up the bill itself. However, it may even take some time for legislators to discuss the advantages of this change, as it is one of 456 existing amendments related to the IIJA, and this number may increase every day.
Market observation Report These changes will reduce the potential $28 billion raised through the new cryptocurrency terms by $5.2 billion. Compared to the $1 trillion expenditure covered by the IIJA, this is still a drop in the bucket, but it may still provoke opposition from lawmakers keen to pay this expenditure in any way.
But Senators Wyden, Lummis and Toomey made it clear in their statement that they believe that supporting the development of digital assets, including cryptocurrencies, is more important than earning more than $5.2 billion in the next ten years.
“Digital assets will continue to exist,” Senator Lummis said in a statement. “Although more work needs to be done, this amendment is a responsible step towards the full integration of digital assets into the U.S. financial industry… I look forward to continuing this bipartisan cooperation and bringing our The financial industry has entered the 21st century.”