The last few days in Bitcoin land are definitely about the rally we are currently experiencing, but American crypto law is also keeping people busy. Last night, a major amendment to expand the definition of “broker” in the bill was rejected.
If the current definition law is passed, miners and wallet providers in the United States, including others, will be forced to collect all types of personal data that they cannot obtain. In this form, a law capable of expelling most of the industry from the United States. Eventually, the amendment stumbled due to a conflict over the amount of military spending on the proposal. Due to 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 don’t give up. The next stop is to try to get a new fix that can alleviate all our worries.
– Jerry Brito (jerrybrito) August 9, 2021
Single vote prevents important crypto law amendment
The strange thing about the whole situation in America is that one person eventually had the power to trash the whole amendment. This can happen because the process is called the final closing phase, in which amendments can only be passed by unanimous approval.
The controversy over the size of the defense budget eventually led 87-year-old Richard Shelby to vote against the amendment. He may have been personally responsible for much of the disappearing business from the United States.
Shelby wanted an additional budget of $ 50 billion (approximately ில்லியன் 40 billion) for defense, which Bernie Sanders disagreed with. Since Shelby had no way out, he decided alone to wipe the entire edit off the table. This means someone who doesn’t even know how it works based on Bitcoin is making a huge impact on the future of the industry.
A strange situation to tell. Senator Ted Cruz also noted in an emotional speech that the law could expel an entire industry from the country in this way. “There are not 5 senators who really understand how cryptocurrencies work in this system,” Cruz said.
What is the next stage of 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 level is the House of Representatives, which can create a new amendment to address all our concerns,” said Jerry Brito.
Today is another important day of the program because the House of Representatives will decide on the bill today. We take care of it carefully and hope that something else is possible. Although it seems unlikely that the House of Representatives will change the law.
I, with bilateral blockchain Caucasus chairs EpRepDarrenSoto, EpRepDavid, And @RepBillFoster Sent a letter to each representative of the House, the Senate Infrastructure Bill being paid for by our crypto industry. pic.twitter.com/MzsEmBbosr
– Tom Emmer (epRepTomEmmer) August 9, 2021
Overall, it is noteworthy to say that the bill with the main theme of infrastructure is ultimately so influential in the crypto industry. Decisions are made at a rapid pace on complex issues that do not involve urgent issues. This will undoubtedly take over.
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