U.S. Senate: The battle over cryptocurrencies has entered its final phase

The infrastructure bill proposed by the White House administration has sparked fierce debate in the Senate. Republicans don't want the President's ideas to become a reality and demand a change in funding.
The peculiarity of this bill is that it also has several amendments from the senators concerning cryptocurrencies. A scandal came out with them. Now Senator Chuck Schumer has drawn fire from the cryptocurrency industry as he blocked attempts to vote for the amendments in the bill.

According to Republican Senator Ted Cruz, the situation with cryptocurrencies is extremely unpleasant, and if the text of the bill is not changed, then the cryptocurrency industry could suffer multi-billion dollar damage.

U.S. Senate: The battle over cryptocurrencies has entered its final phase

While the negotiations are going on, the mood among crypto industry representatives is very gloomy. According to D. Brito, executive director of Coin Center, there is only a small chance that the restrictions regarding cryptocurrency will be changed.

Right now, the very process of passing a bill concerning the country's infrastructure is at a standstill, including the fact that it articulates tax reporting rules for cryptocurrency brokers.

To keep them from burying their work, a number of amendments have been proposed by senators and among them the best one for the cryptocurrency economy was from Patrick Toomey, Ron Wilder and Cynthia Lummis.
As Cynthia Lummis points out, the Senate will have another session to try to convince Ch. Schumer not to obstruct their amendment.

Whether this succeeds will show in the near future. The vote on the amendment is due on August 10, at which time it will become clear what lies ahead for the cryptocurrency industry in the United States. If the senators, who treat cryptocurrencies favorably, fail to defend it, then miners, traders, validators and other entities associated with cryptocurrencies will have to comply with the rules or curtail their activities.
The tax returns they would be required to file could force them to seek other countries to operate in. They can't get information from customers, due to the specifics of cryptocurrencies.
Perhaps then it will be possible to minimize the damage from the new legislation, but the fact that it will be significant, there is no doubt. The classic bureaucratic system vehemently resists change, and wants to maintain the status quo.
FX24

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