The U.S. Congress’ decision on the highly anticipated and controversial infrastructure bill is undergoing some delays because of the wording in its crypto legislation. When the bill was first announced, it noted that some of the costs would be offset through stronger enforcement of the crypto industry. The back and forth between senators first started when Senator Pat Toomey said that he would propose an amendment to the legislation because it didn’t “work.”
The definition of a broker is being debated.
Senator Toomey believes that the definition of what a broker is should change — and not include wallet providers, miners, and stakers, for example. Senators Wyden, Lummis, and Toomey proposed an amendment with the change in the definition of the broker, among other things. Their goal was to make the infrastructure bill more conducive for innovation, something pro-crypto lobbyists have been fighting for. The crypto community very well received this, but it appears to have caused a snag in Congress. Experts have said that this is a sign that cryptocurrencies are beginning to be understood by officials, including their potential.
The U.S. is getting closer to releasing a substantial regulatory framework for the crypto market.
The U.S. is inching closer to releasing a substantial regulatory framework for the crypto market. For the longest time, governmental authorities hesitated from involving themselves. But the market cannot be ignored anymore, and the occurrence of notorious incidents like the Colonial Pipeline hack have spurred decision-making. However, the specific nature of the future of crypto in the U.S. is up in the air. While it is unlikely that the financial regulators will impose any damning laws, it is not likely to let the crypto market go fully untethered.