{"id":1024526,"date":"2021-11-17T17:30:45","date_gmt":"2021-11-17T22:30:45","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1024526"},"modified":"2021-11-17T17:30:55","modified_gmt":"2021-11-17T22:30:55","slug":"ted-cruz-proposes-reversal-to-infrastructure-bills-cryptocurrency-crackdown","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ted-cruz-proposes-reversal-to-infrastructure-bills-cryptocurrency-crackdown\/","title":{"rendered":"Ted Cruz Proposes Reversal To Infrastructure Bill\u2019s Cryptocurrency Crackdown"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fted-cruz-proposes-reversal-to-infrastructure-bills-cryptocurrency-crackdown%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1024526&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Sen. Ted Cruz (R-TX) introduced a bill Monday that would reverse the cryptocurrency regulations passed under the Infrastructure Investment and Jobs Act.<\/p>\n<p>President Biden <a href=\"https:\/\/www.dailywire.com\/news\/joe-biden-signs-1-2-trillion-infrastructure-bill-calls-it-truly-historic\">signed<\/a> the $1.2 trillion legislation \u2014 a move that is <a href=\"https:\/\/www.dailywire.com\/news\/5-things-to-know-about-bidens-bloated-infrastructure-package\">projected<\/a> to add at least $340 billion to the deficit, spend heavily on unpopular modes of transportation, and bankroll programs meant to curb climate change. However, the omnibus bill also contains provisions that tighten federal oversight of cryptocurrency.<\/p>\n<p>When the Senate held a debate over the law in August, some lawmakers <a href=\"https:\/\/www.dailywire.com\/news\/senate-infrastructure-bill-would-expand-cryptocurrency-tax-reporting\">pointed<\/a> out that the definition of the term \u201cbroker\u201d in the text of the bill was unclear. Chamber of Digital Commerce President Perianne Boring told officials that \u201cfurther clarifications are needed to ensure the digital asset ecosystem can continue to grow and flourish.\u201d<\/p>\n<p>At the time, Cruz expressed <a href=\"https:\/\/www.cruz.senate.gov\/newsroom\/press-releases\/sen-cruz-leads-fight-to-remove-harmful-regulations-on-cryptocurrency-from-wasteful-infrastructure-bill\">concern<\/a> that the bill would \u201cforce every single participant in the cryptocurrency structure to operate as a financial institution, which would mean they would have to provide consumer information to the IRS, even if they don\u2019t have access to that information.\u201d He, therefore, introduced an amendment that would have clarified the language and protected the nascent blockchain industry.<\/p>\n<p>After the bill was signed into law, Cruz <a href=\"https:\/\/www.cruz.senate.gov\/newsroom\/press-releases\/sen-cruz-introduces-legislation-to-repeal-infrastructure-bills-devastating-attack-on-emerging-cryptocurrency-industry\">drafted<\/a> legislation to repeal the \u201coverly broad and poorly-crafted provision from the infrastructure package that creates new reporting requirements for many participants within the blockchain industry.\u201d<\/p>\n<p>\u201cThe Lone Star State has quickly emerged as the main hub for the cryptocurrency industry, and that exciting industry is now in danger of being stifled and driven overseas by an overreaching provision in this newly-signed, reckless spending package,\u201d Cruz said in a statement. \u201cAs 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.\u201d<\/p>\n<p>\u201cI urge my colleagues in the Senate to repeal this harmful language that will create regulatory uncertainty and in turn an unnecessary barrier to innovation,\u201d he added.<\/p>\n<p>Cryptocurrencies \u2014 which are digital assets unregulated by governments or central banks \u2014 are growing in popularity. As of Wednesday, cryptocurrencies have a global <a href=\"https:\/\/coinmarketcap.com\/\">market capitalization<\/a> of $2.63 trillion, with Bitcoin alone constituting $1.14 trillion in value.<\/p>\n<p>Meanwhile, some lawmakers have been eager to introduce federal regulations into the cryptocurrency market.<\/p>\n<p>In July, Sen. Elizabeth Warren (D-MA) <a href=\"https:\/\/www.dailywire.com\/news\/warren-asks-biden-administration-to-crack-down-on-cryptocurrencies\">asked<\/a> Treasury Secretary Janet Yellen to weigh \u201cthe dangers cryptocurrencies pose to investors, consumers, and the environment in the absence of<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sen. Ted Cruz (R-TX) introduced a bill Monday that would reverse the cryptocurrency regulations passed under the Infrastructure Investment and Jobs Act.President Biden signed the $1.2 trillion legislation \u2014 a move that is projected to add at least $340 billion to the deficit, spend heavily on unpopular modes of transportation, and bankroll programs meant to curb climate change. However, the omnibus bill also contains provisions that tighten federal oversight of cryptocurrency.When the Senate held a debate over the law in August, some lawmakers pointed out that the definition of the term \u201cbroker\u201d in the text of the bill was unclear. Chamber of Digital Commerce President Perianne Boring told officials that \u201cfurther clarifications are needed to ensure the digital asset ecosystem can continue to grow and flourish.\u201dAt the time, Cruz expressed concern that the bill would \u201cforce every single participant in the cryptocurrency structure to operate as a financial institution, which would mean they would have to provide consumer information to the IRS, even if they don\u2019t have access to that information.\u201d He, therefore, introduced an amendment that would have clarified the language and protected the nascent blockchain industry.After the bill was signed into law, Cruz drafted legislation to repeal the \u201coverly broad and poorly-crafted provision from the infrastructure package that creates new reporting requirements for many participants within the blockchain industry.\u201d\u201cThe Lone Star State has quickly emerged as the main hub for the cryptocurrency industry, and that exciting industry is now in danger of being stifled and driven overseas by an overreaching provision in this newly-signed, reckless spending package,\u201d Cruz said in a statement. \u201cAs 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.\u201d\u201cI urge my colleagues in the Senate to repeal this harmful language that will create regulatory uncertainty and in turn an unnecessary barrier to innovation,\u201d he added.Cryptocurrencies \u2014 which are digital assets unregulated by governments or central banks \u2014 are growing in popularity. As of Wednesday, cryptocurrencies have a global market capitalization of $2.63 trillion, with Bitcoin alone constituting $1.14 trillion in value.Meanwhile, some lawmakers have been eager to introduce federal regulations into the cryptocurrency market.In July, Sen. Elizabeth Warren (D-MA) asked Treasury Secretary Janet Yellen to weigh \u201cthe dangers cryptocurrencies pose to investors, consumers, and the environment in the absence of sufficient regulation in the United States.\u201dWarren mentioned that 27% of hedge funds have cryptocurrency holdings, while banks\u2019 holdings of digital assets create \u201cliquidity, credit, market, and operational risks.\u201d She also pointed to vulnerabilities introduced to the financial sector by \u201cdecentralized finance.\u201d\u201cThe longer that the United States waits to adapt the proper regulatory regime for these assets, the more likely they will become so intertwined in our financial system that there could be potentially serious consequences if this market comes under stress,\u201d she wrote.The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1024526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1024526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1024526"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1024526\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1024526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1024526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1024526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}