It’s Not Over Yet! More Senators Come in Support as Crypto Continues to Fight Back
Over the weekend, the Senate voted 68-29 on the controversial bipartisan infrastructure bill to end the debate. However, the crypto community remains hopeful that the bill might get the amendment before the final vote on Tuesday. Kristin Smith, Executive Director at Blockchain Association, said,
“The Senate can do almost anything by unanimous consent (UC). So if there is a deal, we could see a compromise incorporated. So it’s not over yet.”
It's not over, but it's almost over. There's still a chance, but it's a small one. We're back at it tomorrow AM.
— Jerry Brito (@jerrybrito) August 9, 2021
Senator Ted Cruz (R-TX) also spoke out in support of crypto as he tweeted, “Crypto got screwed tonight,” late on Sunday. Bypassing the bill as it is, the Senate will inflict billions of dollars of damage on the “growing & exciting” crypto industry and end up driving much of it overseas when not even a couple of Senators understand much about it, he said. Cruz tweeted,
“What the Senate said tonight: Let’s tax the hell out of something we know nothing about, so we can pass a giant bill we haven’t read and spend the American people’s money on stuff we can’t afford. It’s reckless & harmful.”
If we can’t strike the entire provision so we can have proper hearings and deliberation, then let’s simplify the definition of broker to what really matters: where digital assets are exchanged for fiat currency.
Broker = Fiat-to-Crypto Exchange.
— jack⚡️ (@jack) August 8, 2021
Senator Rob Portman, who helped with the creation of the bill and then later came up with his competing amendment that first excluded PoW miners and then PoS miners, also came in support of exempting miners, validators, stakers, developers, and node operators from the definition of a ‘broker’ on the Senate floor on Sunday.
While the language clarifies that the reporting requirement only covers brokers, Portman said they want to make “sure” that miners and others are exempted. He said in his remarks,
“While it's not the intent of the underlying bill to include them, I believe we can do more to make this clear. Which is why I will continue to work with colleagues to clarify the intent of the information reporting language.”
1/ A few thoughts on my Senator @MarkWarner:
Although I've had some strong words for him this week, I don't think he's against crypto on principle.
I think he was just trying to help move the infrastructure bill forward & didn't know this issue was so important & controversial. https://t.co/dmdVBiKrju
— Jake Chervinsky (@jchervinsky) August 8, 2021
Crypto support, Senator Cynthia Lummis updated the crypto community about all that the Senate is progressing in regards to the bill, saying,
“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.”
The 30 hours for the amendment to need a vote is set to expire early Tuesday morning though lawmakers can unanimously agree to cut off debate earlier. If the amendment doesn’t get a vote or compromise can’t be reached, the original language will remain in the legislation.
Crypto is the financial internet. It’s not a small thing. https://t.co/hqs5mDgIDA
— Balaji Srinivasan (@balajis) August 8, 2021
“Tomorrow at 9 am, offices will be back in like usual. Feel free to call your senators to let us know how you think we should move forward,” said Lummis late on Sunday.
The legislation still has to clear the House, which can make changes in the bill that ultimately passes the Senate this week, giving lawmakers another chance to modify the provision. Ron Hammond, Director of Government Relations at Blockchain Association, said,
“The public pressure is working as more Senators express concerns to us privately about the bill text.”
“If there’s one thing that’s apparent, DC is shocked just how well of a fight we are putting up.”