Talks to amend the controversial infrastructure bill hit a snag suggesting that the original bill could be voted as soon as Tuesday morning.
The impending bill will create a huge tax burden on the entire American crypto industry as it seeks to generate $28 billion from crypto brokers, as reported by BTC PEERS.
The general counsel to Compound Labs Jake Chervinsky in a Monday tweet confirmed that a 68 - 29 vote did not favor the amendment of the bill.
Sunday night infrastructure bill update:
— Jake Chervinsky (@jchervinsky) August 9, 2021
The Senate has voted 68-29 to end debate. We wanted a vote on the Wyden amendment first, or on a Wyden-Warner compromise, but no luck.
The Senate has to wait until Tuesday to do a final vote. They might still amend the bill before then. https://t.co/VFrmnZqOPQ
Chervinsky also stated that due to unanimous consent the amendment had a chance to be revisited and possibly approved before the final vote on Tuesday.
The original bill, which was dubbed “unworkable” by Pennsylvania Senator Pat Toomey, defined the term “broker” with expansive language, and it subsequently triggered adverse reactions from the U.S. crypto community.
A few senators have shown their support for the crypto industry by filing for an amendment that would reduce the scope of the term “broker” by exempting miners, validators, and software developers from the list.
According to crypto mom Sen. Cynthia Lummis, both sides are at loggerheads over the 30-hour rule that allows senators to consider a bill for up to 30 hours before voting.
This has been an interesting day. Here’s what is happening: First, we’ve been able to have very productive conversations with senators on all sides of this issue, and if we could vote on amendments I think the digital asset community would be pleased with the outcome.
— Senator Cynthia Lummis (@SenLummis) August 9, 2021
Irrespective of the outcome of the meeting, the bill will still need to clear Congress before it becomes a law.
