In recent days in the land of bitcoin, this is definitely about the rally we are currently experiencing, but the American crypto law in production is also keeping people busy. Last night, a major amendment expanding the definition of “broker” in the bill was rejected.
If the current definition law is passed, miners and wallet providers in the United States, among others, will be required to collect all types of personal data that they cannot obtain. In this form, a law capable of expelling most industry from the United States. Eventually, the amendment was established due to a discrepancy in the proposal regarding the amount of military spending. The reason for all this is the single vote of the 87-year-old senator.
1 / The bad news is that the amendment was not unanimously approved, so it will not be included in the bill.
The good news is, we did not give up. The next stop, we can try to get a new amendment that solves all our worries.
– Jerry Brito (jerrybrito) August 9, 2021
Single vote prevents important crypto legislation
The strange thing about the whole situation in the United States is that one person ultimately had the power to trash the entire amendment. This can happen because the process is called the final closing phase, in which amendments can only be passed with unanimous approval.
The controversy over the amount of the defense budget eventually led 87-year-old Richard Shelby to vote against the amendment. He may be personally responsible for much of the industry that is disappearing from the United States.
Shelby wanted an additional $ 50 billion (approximately $ 40 billion) defense budget, which Bernie Sanders did not accept. Since Shelby did not get his way, he decided to wipe the entire edit off the table. So, for someone who does not know how Bitcoin works based on it, it has a huge impact on the future of the industry.
Slightly different situation. Senator Ted Cruz, in an emotional speech, pointed out that the law can expel an entire industry from the country in this way. “There are not 5 senators in this system and they really understand how cryptocurrencies work,” Cruz said.
What is the next step in the process?
The war in the US Senate is now over, but the cryptocurrency lobby still has a shot at the House of Representatives. At the very least, if we believe the words of CoinCenter’s Jerry Brito. “The bad news is that the amendment did not turn it into law. But the good news is that we did not give up. The next stop is the House of Representatives, where we can create a new amendment and address all of our concerns,” Jerry Brito said.
Today is another important day in the plan because the House of Representatives has to decide on the bill today. We will take a closer look at it and hope that something else is possible. Although it seems unlikely that the House of Representatives will change the law.
I, with the co-chairs of the bipartisan Blocsine Caucasus @RepDarrenSoto, Repedevit, And EpRepBillFoster The Senate sent a letter to each of its representatives raising concerns about the passage of the infrastructure bill by our crypto industry. pic.twitter.com/MzsEmBbosr
– Tom Emmer (epRepTomEmmer) August 9, 2021
Overall, it is worth noting that a bill with a core theme of infrastructure is ultimately the most influential in the crypto industry. Decisions are made at a rapid pace on complex matters that do not involve urgent issues. No doubt it will bang.
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