It has been some time since the infrastructure bill has been drafted and was all ready to be shipped by the US Senate around this week. But the cryptocurrency legislation part was not clear enough, according to some experts, and to this senator, Pat Toomey reassured the crypto market that there would be some amendments stitched into the crypto legislation before the bill is shipped, and that is why it is taking this long. According to crypto analysts and enthusiasts, this is a positive sign as it points right towards the fact that government officials are finally understanding the basics of cryptocurrencies and the potential that they carry.
At present, the bill is undergoing some changes in the cryptocurrency legislation or in its wording, to be precise, because when the bill was first converted into a draft and presented before US Senate, there were some serious indicators of taxing all the relative members of the crypto community whether ‘trader,’ ‘miner’ or else. This was because of a simple confusion that revolved around the definition of ‘broker’ in the eyes of the US senate.
This is the very point senator Toomey has referred to and reassured that he would be presenting a few amendments within this legislation, which would change the definition of what a ‘broker’ is and not including miners, traders, and wallet providing companies under its umbrella for taxation. A simple confusion can indeed have catastrophic implications in the future; that is why it is best to resolve the crypto legislation part of the infrastructure bill before shipping it out and ruining everything beyond fixing.
The very intent of senator Toomey and those who proposed the amendment with him was well received in the crypto community, but it has presented Congress with some serious trouble as it would now have to understand the meaning of the word ‘cryptocurrency’ and the whole infrastructure which makes it happen. This is the kind of work Congress has been avoiding for too long, and the whole crypto community wanted nothing more but to divert the attention of government officials towards the subject of cryptocurrencies, how important they are, and what they can do to innovate our present financial environment.