A high-stakes cryptocurrency amendment failed to gain unanimous approval in the United States Senate.
Senators Rob Portman (R-OH), Cynthia Lummis (R-WY), Patrick Toomey (R-PA), Ron Wyden (D-OR), and Kyrsten Sinema (D-AZ) managed to reach a compromise with yet another rewrite of the crypto provision in the infrastructure bill after putting forward their dueling amendments to the damaging crypto provision in the infrastructure bill.
The last-minute effort, however, was ultimately in vain because Senators Richard Shelby (R-AL) and Bernie Sanders (D-VT) both objected to the amendment because of a disagreement over military spending. Shelby had requested a $50 billion defense amendment to the bill, which Sanders did not agree with.
Since the Senate moved to invoke “cloture” on Monday, the only way to change the language of the $1 trillion infrastructure bill was by unanimous consent of both houses of Congress. This means that the amendment will not be included in the final version of the bill. Sen. Ted Cruz (R-TX) has stated that the legislation has the potential to completely eliminate the industry:
There aren’t 5 senators in this body with any real understanding of how cryptocurrency operates.
What comes next?
In light of the fact that the cryptocurrency lobby while the Senate battle has concluded, the cryptocurrency lobby will now focus its efforts on the House of Representatives, according to CoinCenter’s Jerry Brito:
Although it is possible that the House will change the text of the bill, it is unlikely that any changes will be made before the bill is passed on Tuesday morning.
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