Republicans Call to Fix ‘Reckless’ Cryptocurrency Tax in Infrastructure Bill

Sens. Ted Cruz (R-TX) and Cynthia Lummis (R-WY) issued a call Sunday to open the so-called bipartisan infrastructure bill to fix the "reckless" $30 billion cryptocurrency regulation in the so-called bipartisan infrastructure bill.
André François McKenzie via Unsplash

Sens. Ted Cruz (R-TX) and Cynthia Lummis (R-WY) issued a call Sunday to open the so-called bipartisan infrastructure bill to fix the “reckless” $30 billion cryptocurrency regulation in the so-called bipartisan infrastructure bill.

Eighteen Senate Republicans voted Sunday to advance the $1.2 trillion, 2,702-page infrastructure bill, otherwise known as the Infrastructure Investment and Jobs Act.

By advancing the bill dangerously close to passage, the chamber remains poised to pass the bill with a provision sponsored by Sen. Rob Portman (R-OH) and backed by the Joe Biden White House that lawmakers and industry officials fear could cripple the cryptocurrency industry.

As Senate Republicans and Democrats have bickered over the details of the mammoth legislation, Democrats have objected to opening the bill for amendments to address the cryptocurrency regulation in the bill. Senate Minority Leader Chuck Schumer (D-NY) could address by opening the legislation for amendments.

Lummis and Cruz said the Senate needs to find an agreement to resolve the cryptocurrency regulations.

“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,” Lummis said.

“The Senate’s going to inflict billions of dollars of damage on the growing & exciting crypto industry & drive much of it overseas. There aren’t 5 Senators who understand much of anything about crypto,” Cruz said, noting the Senate has not carefully considered the cryptocurrency regulation.

“What the Senate said tonight: Let’s tax the hell out of something we know nothing about, so we can pass a giant bill we haven’t read, and spend the American people’s money on stuff we can’t afford. It’s reckless & harmful,” Cruz added.

Sean Moran is a congressional reporter for Breitbart News. Follow him on Twitter @SeanMoran3.

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