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Ted Cruz seeks repeal of Biden infrastructure bill’s crypto broker definition@ Michael McSweeney

Texas Senator Ted Cruz is seeking to strip language defining who is a crypto “broker” from a multibillion-dollar infrastructure package that was just signed into law. 

According to a [statement](https://www.cruz.senate.gov/newsroom/press-releases/sen-cruz-introduces-legislation-to-repeal-infrastructure-bills-devastating-attack-on-emerging-cryptocurrency-industry) from Cruz’s office, [the proposed legislation](https://www.cruz.senate.gov/imo/media/doc/20211115.cryptobill.pdf) would, if passed, remove language aimed at tightening reporting requirements for “brokers” in the digital asset space. The legislation mirrors an [earlier attempt](https://www.theblockcrypto.com/linked/113707/sen-portman-throws-support-behind-amendment-to-his-crypto-provision-in-infrastructure-bill) by Cruz to eliminate the language from the infrastructure package in August, as previously reported. 

The original inclusion triggered a raft of efforts by crypto industry advocates to either amend or remove the language, though these efforts ultimately failed. The infrastructure package was signed into law Monday by US president Joe Biden. Supporters of the definitions have said the expanded definition would help provide funding for the infrastructure package. 

Notably, some of the other senators involved in the pushback [have proposed their own legislation](https://www.theblockcrypto.com/linked/124388/senators-wyden-and-lummis-to-introduce-crypto-amendment-to-bidens-infrastructure-bill) that would revise some of those rules. 

By contrast, Cruz is once again trying to cut the provisions entirely.

“As a deliberative body, the Senate should have done its job and held hearings to properly understand the consequences of legislating on this emerging industry before we risked the livelihoods and privacy of participating Americans,” Cruz said in a statement. “I urge my colleagues in the Senate to repeal this harmful language that will create regulatory uncertainty and in turn an unnecessary barrier to innovation.”



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42 Comments

  1. Texas has some of the biggest miners, like Riot. This follows with his speech a few weeks ago regarding his intent to make Texas the center of the universe for bitcoin and crypto.

  2. These frauds pretending to be legislators try anything to convince the base they appeal to, that they are working. They’re not. This is busy work in al likelihood written by the lobbyists who cling to these charlatans.

  3. Was going to register in wyoming but already made plans to incorporate in a more crypto friendly country. This has likely aready fucked the US as all the founders of projects are already leaving.

  4. Obviously Ted Cruz is on the paylist of those who control and manipulate the market. They have all but the interest of the small investors in mind. They are the dark ans deep controlling forces. Corrupt to the bone.

  5. I am certainly not a billionaire. I am in favor of people paying their part, but never been in favor of random selecting people to tax to cover your plan. Many see “they make more they should pay more” What is the end to that. Every time a project needs done you just find somebody to tax.

    I mean, Am I just now reading this right?…”supporters of the definition have said the expanded definition would help funding for infrastructure package.” Damn not even trying to hide it any more. The whole crypto regulation has always been about “protecting” the people. Scammers always frustrate me cause that was giving them the green light, but now just came right out the gate with it.

    “Oh hey, you risked so much” “we didn’t even believe you guys would make money” “ but we are happy for you, oh yah and here is your penalty for risking it all”

    Maybe I am missing something. So I am asking.

    Because this is a slippery slope. Like in flip flops 3 sizes to big on a slippery slope.

  6. They won’t allow that because the language in that bill is intentional.. not out of ignorance. And they are essentially top-down orders from the fatf to stifle adoption and kill financial privacy, p2p transactions and self-custody.. Europe will implement similar draconian measures soon.

  7. Crypto exchanges have already been doing this. FTX for example was the second largest donor to the Biden campaign. The real problem with this legislature is that it create a huge barrier for entry, and therefore consolidates more power to exchanges like FTX in the crypto space. Very scummy behavior from them, but props to Cruz and the people supporting him for making an effort to change this. Unlikely it will be successful though given that these exchanges are already in bed with the current administration.

  8. Yes Cruz is obviously a crypto holder himself.

    Also, just because he supports us does not make him our friend. He is an evil person who supported the big lie and attempted overthrow of our democracy. Tread lightly with Cancun Cruze. He only cares about himself.

  9. ~~You got a source that has Cruz’s fingerprints anywhere?~~

    ~~I know about Wyden and Lummis, but assumed the Cruz meme was just some 4chan crap.~~

    Well shit. They both presented similar proposals

    * [GAI21B63](https://www.cruz.senate.gov/imo/media/doc/20211115.cryptobill.pdf) – “Ted Cruz Bill”
    * [GAI21B73](https://www.lummis.senate.gov/wp-content/uploads/GAI21B7321.pdf) – “Lummis Wyden Bill”

    The Cruz bill is far stronger as it repeals the entire section 80603 WTF that is. The Lummis Wyden bill only redefines “Broker” as “not developer”

    My bad.

  10. So if I use crypto to pay for something that’s over a grand, I’m supposed to just hand over my social and other personal info to the seller? But, if I have a sock drawer full of hundreds and do the same with ye olde dollar, how’s that any different?

    Ted Cruz is a blob fish.

What do you think?

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