Infrastructure Bill on Balance as Republicans Feel Betrayed – Trustnodes

Infrastructure Bill on Balance as Republicans Feel Betrayed


Mitch McConnell

The $1 trillion infrastructure bill hangs on a balance as Republicans feel like they had no say with a vote on amendments denied.

“The Democrats won’t let us have a say, yet they want our support,” Mitch McConnell, minority leader in the Senate, said earlier today.

“Crypto got screwed,” Ted Cruz said. “The Senate’s going to inflict billions of dollars of damage on the growing and exciting crypto industry and drive much of it overseas.”

A ‘compromise’ amendment was proposed today but it offers no compromise on the part of crypto opponents, led by Treasury Secretary Janet Yellen, as it fails to exclude coders from the definition of broker.

It instead gives them everything and secures as much as nothing for cryptos, with Yellen now the biggest pusher for the passing of that ‘compromise’ amendment.

“We need to have a longer conversation about why Congress is delegating its legislative power to unnamed, unelected officials in the Treasury Department,” said Jake Chervinsky, a lawyer for Compound.

Ron Wyden, who pushed for the amendment that excludes coders, did not give his name to the compromise, while Rob Portman, the sponsor of the whole Infrastructure Act, said:

“I’m pleased to announce that Senators Warner, Toomey, Sinema, Lummis and I have reached an agreement on an amendment to clarify IRS reporting rules for crypto transactions without curbing innovation or imposing information reporting requirements on stakers, miners, or other non-brokers.”

Yet he refused to clarify what other “non-brokers” he had in mind with it all looking like the crypto guys got outplayed and are now putting a brave face to say the compromise is anything more than giving the crypto opponents exactly everything they asked for.

That’s because they were left with no choice but accept the ‘compromise’ or not exclude anyone from the definition of broker, with the Senate not given the opportunity to vote on any of the 15 or so amendments.

Which means this bill has been shoved through without legitimate votes on its many aspects that conflate trains with the constitutional right to publish open source code.

Making it in effect a trojan bill which can only be ‘fixed’ by voting the whole thing down in potentially the early morning hours on Tuesday so that there can be a proper consideration of stealth provisions that have huge ramification for next generation infrastructure, the crypto global rails.

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