US senators propose bill amendment following backlash from crypto enthusiasts
A new infrastructure bill, which seeks to heavily tax U.S. crypto users, has attracted heavy backlash from the crypto industry. This has forced a few U.S. senators to reconsider their stance.
As reported by BTC PEERS, the proposed bill carries an expansive scope for the term “broker” and places a huge tax burden on crypto users. The revelation arguably halted Bitcoin’s bullish run, with the flagship cryptocurrency slipping below $40,000.
In a response to the development, three pro-crypto U.S. Senators have filed for an amendment of the bill in a bid to prevent any further negative influence in the market.
The motion for amendment was put forward by Senator Ron Wyden of Oregon, Senator Cynthia Lummis of Wyoming, and Senator Pat Toomey of Pennsylvania.
The proposed amendment aims to exclude certain crypto entities like developers, miners, and blockchain firms from the initial requirements of brokers.
Senator Toomey, in a tweet, stated that regulators could suffocate the growth of the crypto industry by imposing burdensome regulations.
By clarifying the definition of broker, our amendment will ensure non-financial intermediaries like miners, network validators, and other service providers are not subject to the reporting requirements specified in the bipartisan infrastructure package. https://t.co/Fz09L3AyLL
— Senator Pat Toomey (@SenToomey) August 4, 2021
With the U.S. Senate scheduled to be in recess from August 9, all proposals will likely be addressed when Congress reconvenes in September.