As reported earlier, provisions had been hastily added to the infrastructure bill that sought to raise $28 billion through expanded taxation and impose stringent third-party reporting requirements for any entity that came under the definition of cryptocurrency “broker.” Taking to Twitter yesterday, Senator Richard Shelby expressed support for the amendment put forward by senators Pat Toomey, Cynthia Lummis, Rob Portman, Mark Warner, Ron Wyden, and Kyrsten Sinema that would have exempted software developers, transaction validators, and node operators from the third-party reporting requirements.
Senator’s sole objection led to the bi-partisan infrastructure bill passing on Aug 10.
Despite his stated support, Shelby asserted he objected to the amendment over his dissatisfaction with the defense spending allocations contained in the legislation. Richard Shelby, the 87-year-old Republican Senator whose sole objection led to the bi-partisan infrastructure bill passing through the Senate without amendment on Aug 10, has revealed he actually supported changes to the bill’s cryptocurrency provisions that his vote ultimately blocked.
The crypto community has slammed Shelby for his actions.
The crypto community has slammed Shelby for his actions, with the comments to his post nearly exclusively populated with angry outpourings from crypto-natives. Twitter-user David Zell noted that Shelby’s largest donors from 2015 until 200 were commercial banks and firms representing the securities and investments sector — which donated more than $870,000 to Shelby over the period. Jake Chervinsky, general counsel to Compound Finance, also criticized the US Senator, highlighting that Shelby is retiring at the end of his term. Despite the popular amendment failing to pass the Senate, Chervinsky noted that it is “very unlikely” DeFi developers will be targeted under the infrastructure bill’s original language.