Ted Cruz Looks To Repeal Crypto Rules In Biden’s Infrastructure Bill

November 16, 2021 10:28 pm

Senator Ted Cruz of Texas is looking to repeal Biden’s infrastructure bill due to the fact it contains language in it that is harmful to crypto brokers.

Biden’s $1.2 trillion infrastructure bill that was hundreds of pages long, contained a clause within it that would make brokers hand over customer’s data to the IRS in order to make crypto holders pay capital gains.

Another major problem with the bill is that it broadly interprets what a broker is and could force miners, altcoin stakers, wallet providers and other developers to hand over “customer” data which would almost be impossible to do because they would only have access to a person’s wallet address.

Cruz’s new bill would ultimately take out the crypto provision in the infrastructure bill altogether.

The Block Crypto had more on the story:

Texas Senator Ted Cruz is seeking to strip language defining who is a crypto “broker” from a multibillion-dollar infrastructure package that was just signed into law.

According to a statement from Cruz’s office, the proposed legislation would, if passed, remove language aimed at tightening reporting requirements for “brokers” in the digital asset space. The legislation mirrors an earlier attempt by Cruz to eliminate the language from the infrastructure package in August, as previously reported.

 

Ted Cruz’s Official Website released this statement:

U.S. Sen. Ted Cruz (R-Texas) this week introduced legislation that would repeal an overly broad and poorly-crafted provision from the infrastructure package that creates new reporting requirements for many participants within the blockchain industry. This provision will stifle innovation in the industry, endanger the privacy of many Americans and cryptocurrencies, and likely push key aspects of the industry overseas to countries like China.

Upon introduction of this bill, Sen. Cruz said:

“The Lone Star State has quickly emerged as the main hub for the cryptocurrency industry, and that exciting industry is now in danger of being stifled and driven overseas by an overreaching provision in this newly-signed, reckless spending package. As a deliberative body, the Senate should have done its job and held hearings to properly understand the consequences of legislating on this emerging industry before we risked the livelihoods and privacy of participating Americans. I urge my colleagues in the Senate to repeal this harmful language that will create regulatory uncertainty and in turn an unnecessary barrier to innovation.”

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