The Senate infrastructure bill has passed……
What this means for crypto remains to be seen, as the measures within the bill relating to crypto are vague and unclear.
Those in government seem to have little understanding of the crypto market, and investors everywhere are decrying this move by the government, asking instead for more clear and lenient regulations.
The final say on the bill won’t come until later this year, but people are already protesting and trying to raise awareness, by contacting representatives in government.
Here’s how you can help:
Here's how YOU can help to fight against corrupt and tyranical legislation against cryptocurrencies. People have a right to engage in commerce unmolested. https://t.co/OgAzNnrYm5 #Dontkillcrypto #Senateinfrastructurebill
— The Quill Press (@Squidward3424) August 10, 2021
Let me tell you how corrupt this bill was. It was supposed to be about Infrastructure then they weaseled in language to heavily tax those of us invested in crypto. The same banks bailed out in 2009 gave money to creepey pre historic Janet yellin to do this!
— CryptoCentz (@CentzCrypto) August 10, 2021
Details of the vote were found on Coin Telegraph:
In a 69-30 vote, the Senate passed HR 3684 this morning, a bipartisan bill that proposes roughly $1 trillion in funding for roads, bridges and major infrastructure projects. However, the bill also suggests implementing tighter rules on businesses handling cryptocurrencies and expanding reporting requirements for brokers, mandating that digital asset transactions worth more than $10,000 are reported to the IRS.
Though initially split on the best course of action to amend the language in the bill, a group of six senators — Pat Toomey, Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema and Ron Wyden — proposed a compromise amendment on Monday. The amendment would have exempted software developers, transaction validators and node operators as brokers, while suggesting that tax reporting requirements “only apply to the intermediaries.”
Market Wrap: #bitcoin Slips as Infrastructure Bill With Crypto Tax Provision Heads to House https://t.co/VTWdfJ88gR pic.twitter.com/J2tN6bUEbR
— BitcoinAgile (@bitcoinagile) August 10, 2021
I, along with bipartisan Blockchain Caucus co-chairs @RepDarrenSoto, @RepDavid, and @RepBillFoster sent a letter to every single Representative in the House raising concerns about the Senate infrastructure bill being paid for by our crypto industry. pic.twitter.com/MzsEmBbosr
— Tom Emmer (@RepTomEmmer) August 9, 2021
Charles Hoskinson calls for protest via Trust Nodes :
“I think it’s about time we get a rally going in Washington DC. I’m going to make some phone calls. More on this later,” says Charles Hoskinson, the now billionaire founder of Cardano which hopes to soon launch smart contracts.
Those smart contract developers are soon to be held responsible for publishing open source code following an astonishing pantomime in the Senate that reveals to this generation democracy is not functioning.
“We could have a crypto President sooner than you think,” Ryan Selkis, a former Silicon Valley VC, says.
In a nod, Jack Dorsey, the founder of Twitter and Square said “Bitcoin will unite a deeply divided country. (and eventually: world).”
Want more? To stay up to date on all our news, please follow us on Facebook here:
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!