US Senator Ted Cruz of the Republican Party has submitted legislation of its own to completely revoke the cryptocurrency clause included in the Infrastructure Investment and Employment Law. The move came as Cynthia Lummis (Republican) and Ron Wyden (Democrat) had submitted Bipartisan legislation of their own.
The $1.3 trillion bill, which was approved by US president Joe Biden on Tuesday, includes a crypto provision that requires “brokers” to disclose the tax information of crypto users to the Internal Revenue Service. However, the definition was criticized as unclear and included crypto miners, developers, and validators.
In response to the new law, Lummis and Wyden submitted a Bipartisan amendment that exempted miners, stakers, wallet providers, and developers from the definition of ‘Broker’.
However, Senator Cruz – a well-known crypto enthusiast – has taken a step further and asked for a full repeal of crypto provision from the Infrastructure bill. The Republican senator has asked for a complete overhaul of the clause, preventing crypto operators, including crypto custodians, from obliging them to report customer data to the IRS.
“As a deliberative body, the Senate should have done its job and held hearings to properly understand the consequences of legislating on this emerging industry before we risked the livelihoods and privacy of participating Americans,” Cruz said in the press release. “I urge my colleagues in the Senate to repeal this harmful language that will create regulatory uncertainty and in turn an unnecessary barrier to innovation.”