The United States Senate rejection an amendment to the Infrastructure Law. Specifically, a crypto compromise amendment between Senators Cynthia Lummis, Pat Toomey, and the United States Treasury, failed to enter the final version of the bill.
To better understand, the debate on the infrastructure bill had already closed on Sunday night. The amendment could only be adopted into the bill by unanimous consent, a single negative vote would sink it.
In this sense, Brian Armstrong expressed: «This debate in the United States Senate began because the government sees the growing cryptocurrency industry as a source of tax revenue.».
In addition, he added: «We agree that everyone should pay their taxes. There is no debate on this topic. But destroying some of the most exciting innovations in the process is inconceivable.».
United States Senate rejects amendment
In this regard, United States Senators Pat Toomey, Cynthia Lummis, and Rob Portman spoke in favor of the compromise amendment. Like Senator Ted Cruz, who predicted that some would speak out.
However, Senator Richard Shelby tried to consider his own amendment, which would have added $ 50 billion in military spending, to the amendment on cryptocurrencies.
In fact, Senator Toomey, who had risen to ask for Unanimous Consent from the room, allowed it. But Senator Bernie Sanders did not. Senator Shelby then killed the cryptocurrency amendment.
Likewise, Senator Cruz rose to offer his own amendment, for Unanimous Consent. Senator Shelby then asked that his amendment be included in Cruz’s. Senator Cruz said no, he wanted a “fair vote.” Shelby then opposed that amendment.
Either way, there had been optimism, when the bipartisan group of US senators, who had been promoting competing deals for the past few days, that the ‘problematic’ language of the original bill would be hit before a final vote.
By the way, Senator Ted Cruz said: «Tonight the crypto industry got into trouble. The United States Senate will cause billions of dollars in damages. There weren’t five senators who understood anything about cryptocurrency».
However, despite the outcome of the vote, Cynthia Lummis noted that the conversations with her colleagues were “fruitful.” But, they stalled due to the 30 hour rule. This deadline limits the duration of the Senate debates, after it has been decided to close them.
«This has been an interesting day. Here’s what’s happening: First, we’ve been able to have very productive conversations with senators from all sides on this issue. And if we could vote on the amendments I think the crypto community would be satisfied with the result».
«I understand the position of my colleagues. But real people will suffer if we don’t change the wording of this bill. Tomorrow we will return to the room and work again to convince our colleagues and Senator Schumer that our amendment deserves a vote.».
Finally, the Senate talks on the controversial crypto provisions in the US Infrastructure Bill have ended without any amendments. Which means that the original bill will be voted on this Tuesday. Which would give a new opportunity to review the provisions on cryptocurrencies.
I retire with this phrase from Henrik Johan Ibsen: «What a strange thing is happiness! Nobody knows where, how or when it arrives, and it arrives by invisible roads, sometimes when it is no longer awaiting».