U.S. Senate sends infrastructure bill to House of Representatives without cryptocurrency amendments

On Tuesday, August 10, the U.S. Senate sent the bipartisan $1 trillion infrastructure bill to the House of Representatives in its original form.

NEWS: The Senate has voted 69-30 to PASS the $1.2 trillion bipartisan infrastructure bill, notching a key agenda win for President Biden, and sending the bill to the House.

19 Republicans joined all 50 Democrats to pass the bill.

— Frank Thorp V (@frankthorp) August 10, 2021

The document contains an expanded definition of the term “broker.” Thus, miners and node operators in blockchains, wallet developers, liquidity providers in DeFi protocols and other noncustodial actors could be required to report to the Internal Revenue Service about the activity of their users.

criticized by cryptocurrency industry representatives, including Elon Musk and Jack Dorsey.

proposed to exclude the specified activities from the document and not apply to them the rules applicable to brokers.

Their colleague Rob Portman agreed, however proposed a counterproposal that excludes only miners and sellers of equipment or software that allows individuals to control private keys. In his proposal, the status of PoS validators remained unclear.

On August 9, Democrats, Republicans and the Treasury Department reached a compromise, but the corresponding amendment did not receive unanimous support — 87-year-old Richard Shelby opposed it.

According to journalist Jake Sherman, Republican Shelby said he supported the amendment but blocked it because others had not considered his defense-spending proposal.

Now industry lobbyists, having failed in the Senate, are aiming to push a new amendment in the U.S. House of Representatives.

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