Breaking News: Today is Decision Day for Cryptocurrency in the USA!
Controversial cryptocurrency taxes introduced by the $1 trillion infrastructure bill have caused a last-minute frenzy keeping the entire crypto community on the edge of their seats. According to recent tweets from pro-crypto Senator Cynthia Lummis, the final vote on the changes will take place on August 9.
Cryptocurrency Taxes, One of the Hot Topics of Market News!
The senator noted that lawmakers must reach an agreement to allow the changes. He adds that the amendment was “suspended due to disagreement between senators over the 30-hour rule, which allows the Senate to consider/read/review a bill for up to 30 hours before voting.”
Cynthia Lummis, who took a shot at the opposite camp, wrote that some senators are too focused on quickly passing infrastructure law. Citing Senator Schumer, Cynthia Lummis added that she wanted to vote quickly to focus on other laws. Cynthia Lummis adds the following to her explanations on the subject:
“So we are at a stalemate. I understand the positions of my colleagues. But real people will suffer if we don't change the language in this bill. We'll be back in session tomorrow and work again to convince our colleagues and Senator Schumer that our amendment deserves a vote."
The 30-Hour Period May Expire Tuesday Morning, According To Bloomberg!
The 30-hour period will end early Tuesday morning, according to Bloomberg. But lawmakers can unanimously agree to close the debate sooner. Besides disagreements over the bill amendment, there is also disagreement among lawmakers about how long this debate will continue.
If the amendment is not voted on and consensus cannot be reached, the bill will be adopted in its original language. Prominent crypto players and industry experts have criticized the original call as unfair to the crypto community. Some experts also believe that this will cause many crypto firms to leave the United States. On Sunday, Massachusetts Democratic Senator Elizabeth Warren said:
“The idea behind the change in bipartisan agreement is simply to level the playing field in reporting. This is not a direct tax on crypto, just a reporting requirement that applies everywhere else. This seems like the right approach.”