Ted Cruz, Texas Senator, is trying to remove the clause that defines who is a crypto broker from the multi-billion dollar infrastructure bill.
According to a statement from Cruz’s office, if the proposed legislation is passed, the language to increase reporting requirements for “brokers” in the digital asset space will disappear.
Crypto industry advocates have long struggled to replace or remove this language in the infrastructure bill. The bill was signed into law by US President Joe Biden yesterday.
Some senators have proposed their own laws that would revise these rules.
Cruz used the following statements on the subject:
“As a negotiating body, the Senate should have done its job well and held hearings to properly understand the legislative implications on the emerging industry before risking Americans’ livelihoods and privacy.
I urge my colleagues in the Senate to repeal this harmful language that will create regulatory uncertainty and thus become an unnecessary barrier to innovation.”
