US Senate Passes $1T Bipartisan Infrastructure Bill
After months of negotiations, the U.S. Senate voted Tuesday to approve the $1 trillion bipartisan infrastructure bill without any crypto amendment. The legislative body will now send the original provision to the House of Representatives, where a resolution is to be motioned once members return from their recess in the fall.
US Senate Sends Infrastructure Bill to House
The bill contains a broad definition of "broker" for crypto tax reporting requirements that lawmakers and industry advocates sought to change over the past week.
What the Infrastructure Bill Could Mean for Crypto Firms
Jeff Horowitz, Chief Compliance Officer of crypto custodian BitGo, digs into the U.S. Senate's $1 trillion infrastructure bill and what it could mean for his business. "I don't see it as a day one issue for us, but as we've seen this week, really broad and narrowly defined definitions could mean a lot," Horowitz said. "To put a bill out there and figure out later is not the best way to go about sensible regulation." Plus, his insights into why the U.S. government has given a contract to Anchorage Digital over BitGo and broader crypto adoption for the institutional markets.
Senate Rejects Compromise Crypto Tax Amendment in $1T Infrastructure Bill
Perianne Boring, founder and president of lobbying group Chamber of Digital Commerce, discusses the details, reactions, and potential impacts of the Senate’s rejection of a compromise crypto tax amendment in the $1 trillion infrastructure bill. “About 2% of legislation ever introduced actually becomes law,” Boring said.
Is the Battle Over After Crypto Amendment Blocked In Senate?
After a vote Monday, U.S. Sen. Richard Shelby (R-Ala.) filed an objection to the bipartisan compromise on a crypto tax provision in its $1 trillion infrastructure bill. The Senate is now poised to pass the version without the crypto amendment. Next, it's expected to send the bill to the House of Representatives, which prepares to take it up later this year. CoinDesk's Global Policy & Regulation Managing Editor Nikhilesh De discusses what happened during the 11th-hour debate on the crypto amendment and the implications for crypto.
State of Crypto: What Just Happened in the US Senate?
After all the drama of the past week, the industry is right where it was eight days ago.
Bitcoin Blasts Through $46K as Senate Poised for a Final Vote on $1T Infrastructure Bill
VictoryShares and Solutions President Mannik S. Dhillon discusses his assessment of bitcoin jumping to a three-month high of $46,000 and whether this price rally is likely to sustain, despite some saying the U.S. Senate's $1 trillion infrastructure bill could have disastrous implications for the crypto industry if formally introduced as is. "Bitcoin getting the attention of lawmakers is a great thing for the asset class," Dhillon said.
Sen. Lummis Presents New Amendment to $1T Infrastructure Bill on Senate Floor
Sen. Cynthia Lummis (R-Wyo.) discusses the compromise amendment to a contentious crypto provision in the $1 trillion infrastructure bill she presents on the Senate floor Monday afternoon. “What we tried to do with this amendment is to remove some of the unintended consequences of the definition of “broker,” Lummis said.
Senators Reach Compromise on Crypto Tax Provision in Infrastructure Bill
Rep. Cynthia Lummis and other U.S. senators announced a compromise to the tax provision in the $1 trillion infrastructure bill Monday that would exempt crypto transaction validators from a broadened definition of “broker.” However, unless it receives unanimous consent before a final vote by Tuesday, the bill will likely be sent to the House as-is, without any amendments. "You need no senator to object to the adoption of this new language," host Naomi Brockwell said. "It's a very narrow path, and it's not clear whether this is going to be feasible."
Lone Senator Rejects Crypto Compromise in Infrastructure Bill
The compromise needed unanimous consent – meaning no objections – to pass.
