Bill adding taxes to Bitcoin industry passes U.S. Senate.

The U.S. InfrastructureBill was passed by the Senate in the morning hours of today, August 10, 2021, without including the amendment requesting to make corrections to terms that conflicted with the Bitcoin industry and ecosystem.

As we reported in CryptoNews, yesterday, several senators stuck to the amendment proposed by Senator Cynthia Lummis and others, which requested to correct the use of the terminology of broker or broker to not refer to miners, nodes, developers and sellers of Bitcoin wallets and the rest of the operators in the cryptocurrency sector.

Considering miners would imply that the aforementioned actors should pay taxes and declare profits for being considered transmitters of value exchanges. The aforementioned congressmen do agree to call cryptocurrency exchanges brokers .

However, the amendment regarding cryptocurrencies was ignored and the Infrastructure Act HR-3684 was passed around 11 AM (UTC) today by 69 votes to 30, a mixed vote between GOP and Democratic Party senators.

Thus, the Senate expressed its support for the infrastructure budget promoted and proposed by Joe Biden’s administration, estimated at a total of USD 1.2 trillion (millions of millions) to invest over the next few years in the United States.

The New York Times also indicates that the Infrastructure Bill now goes to the House of Representatives, the highest legislative body that will finally define its approval. Legally there are several stages to go through before it becomes law, and where other instances can be interposed.

For example, Representative Nancy Pelosi stated that she would not approve this law until another law is approved that expands the budget by USD 3.5 billion more, which she expects to be presented in October.

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This other bill is also being pushed by the Democratic Party, mainly. For now, Senators will take some time until mid-September to work on it.

“Let’s not try to regulate something we don’t understand.”

Sen. Ted Cruz <a href=”https://twitter.com/SenTedCruz/status/1425109842314809344?s=20″ target=”_blank” rel=”noopener”>offered statements regarding the omission of amendments regarding cryptocurrencies in the Infrastructure Act after its passage, noting various aspects of the growth of the cryptocurrency industry.

Cruz called on the senators who passed the Act to take the time to understand cryptocurrencies before regulating them, to understand the consequences its passage may bring to people’s lives.

“Let’s face it, if we get all 100 senators in this House together and ask them to define in two sentences what the hell cryptocurrencies are, we won’t have more than 5 senators who can answer that question,” he sentenced, adding that he wouldn’t want to see the cryptocurrency industry fleeing the U.S. for other latitudes.

While it is impractical to force a developer, a Bitcoin miner or the operator of a Lightning node to pay taxes, the mere fact of passing a law with this terminology could affect the industry and the ecosystem in general.