Legislators’ struggle to clarify the definition of a cryptocurrency broker in the infrastructure bill will continue in the US House of Representatives after a failed Senate attempt.
US House Speaker Nancy Pelosi has expressed confidence that the infrastructure bill will be passed this week, according to a Reuters publication. She said the House will vote on Sept. 30 to pass the controversial bill of the administration of President Joe Biden.
“On September 27, we will start debating the bipartisan bill in the House and vote on it on September 30,” Pelosi said.
The Infrastructure Bill, passed by the Bipartisan Senate on Aug.10, contains a broad definition of a cryptocurrency broker. A week before the Senate passed the bill, a group of senators proposed a compromise amendment. The amendment would free software developers, transaction validators and node operators from falling under the definition of a cryptocurrency broker. According to the amendment, the tax reporting requirements “apply only to intermediaries.” The proposal failed because of one Senator, Richard Shelby of Alabama.
Despite the House Speaker’s confidence in the bill being passed this week, the document has met with opposition from some lawmakers who believe it should be postponed pending discussions on the next $ 3.5 trillion Social Security and Climate Bill. Since the size of the spending on the second bill worries some Democrats, Pelosi said the amount should obviously be cut.
It is unclear whether members of the House of Representatives will try to amend the infrastructure bill to narrow down the definition of a cryptocurrency broker, as Senate lawmakers tried to do. If the House passes the bill as it stands, further amendments will become virtually impossible as it will be submitted to the President of the United States for signing.
It was revealed last week that Cardano founder Charles Hoskinson was invited as a speaker to a training seminar for US lawmakers and government officials on blockchain technology. He is expected to criticize the infrastructure bill.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
