An unchanged bill on crypto taxes will be voted on Tuesday

The provision aims to raise $ 28 billion to fund infrastructure through enhanced digital asset taxation and to impose third-party reporting requirements on any crypto firm considered a “broker.”

On Monday, Jake Chervinsky, chief adviser to Compound Labs, tweeted that the US Senate had largely voted to end the debate on the provisions until Tuesday’s final vote.

However, Chervinsky stressed that the Senate could approve the amendment to the bill by unanimity before the final vote.

The verdict will be pronounced tomorrow

The Senate’s negotiations on controversial provisions on cryptocurrency taxes have therefore come to a halt, and an unchanged version of the law will be voted on on Tuesday.

Sunday night infrastructure bill update:

The Senate has voted 68-29 to end debate. We wanted a vote on the Wyden amendment first, or on a Wyden-Warner compromise, but no luck.

The Senate has to wait until Tuesday to do a final vote. They might still amend the bill before then.

– Jake Chervinsky (@jchervinsky) August 9, 2021

Two camps

The amendment proposed by Senators Pat Toomey, Rob Wyden and Cynthia Lummis would like to reduce the definition of cryptocurrency “brokers” and exempt miners, validators and software developers from this provision. However, most lawmakers support the competitive addition of Rob Portman, Mark Warner and Kyrsten Sinema, which would exempt only miners, verifiers of deposit evidence and wallet providers from the bill.

30-hour rule

According to Sunday’s Twitter thread from Senator Lummis, both parties are now at a dead end over the 30-hour rule, which allows senators to consider a bill up to 30 hours before it is put to the vote. The additional 30-hour debate begins after the Senate votes on the cloture to end the main debate if the minority so requests.

Lummis says that while some senators want to continue to focus on the 30-hour infrastructure bill to raise awareness of its price, Senate Majority Leader Chuck Schumer, on the other hand, wants to vote quickly to focus on other legislation and not allow change the bill. However, Lummis added:

“If we could vote on the amendments, I think the digital asset community would be happy with the result.”

Conclusion

If the Senate approved the proposal on Tuesday, the legislation would still need a while before it was passed by law, which would provide another opportunity to revise the provisions on cryptocurrencies.