Last Minute Frenzy: All Latest Updates on Crypto Taxes in Infrastructure Bill

The controversial crypto taxes introduced with the $1 trillion infrastructure bill have resulted in a last-minute frenzy keeping the entire crypto community on the edge of their seats. As per the latest tweets from pro-crypto Senator Cynthia Lummis, the final voting on the amendments will happen at 9 AM, August 9.

The Senator noted that the lawmakers have to come to an agreement on allowing the amendments. She adds that the amendment is “being held up because of conflict between senators over the 30-hour rule, which allows the Senate to consider/read/review a bill for up to 30 hours before voting on it”.

Taking a shot at the opposite camp, Lummis wrote that some senators are too focused on passing the infrastructure bill quickly, Naming Senator Schumer, Lummis adds that he wants to quickly vote to focus on other legislation.

“So we’re at an impasse. I understand my colleagues’ positions. But real people are going to be hurt if we do not change the language in this bill. Tomorrow we’ll be back in session and again work to convince our colleagues and Senator Schumer that our amendment deserves a vote,” adds Lummis.

As per Bloomberg, the 30-hour period shall end by Tuesday early morning. But lawmakers can unanimously agree to close the debate earlier.

The Last Minute Frenzy

The Bloomberg publication also reports that if the Senators fail to get a unanimous vote for the amendment, all this last minutes frenzy could prove to be fruitless. Apart from the disputes over the bill amendments, there’s also the dispute among lawmakers concerning how long this debate shall go forward.

The bill shall be passed with the original language if the amendment doesn’t get a vote and no compromise is reached. Prominent Crypto players and industry experts have criticized the original calling as unjust and unfair for the crypto community. Some experts also believe that it will lead to many crypto firms leaving America, in that case.

On Sunday, Senator Elizabeth Warren, a Massachusetts Democrat said:

“The idea behind the amendment in the bipartisan deal is simply to level the playing field on reporting. It’s not a direct tax on crypto, it’s simply a reporting requirement that’s in place everywhere else. That seems like the right approach.”

On the other hand, Senator Cynthia Lummis has called for a cautious approach. Citing how other competing economies are moving ahead with digital assets development, she writes:

“Our position as the global financial leader is a privilege, not a right. Other countries have a head start on us in the development of digital assets. If we get this wrong, we handicap ourselves and put our future prosperity at risk”.

We should ensure that people aren’t trying to avoid taxes by sheltering their money in digital assets, but we can do that without stifling innovation and choosing winners and losers.

— Senator Cynthia Lummis (@SenLummis) August 8, 2021