Exclusive– Rep. Ted Budd: Pelosi Killing Cryptocurrency Jobs to Pay for ‘Infrastructure’ Bill

WASHINGTON, DC - JULY 30: Speaker of the House Nancy Pelosi (D-CA) speaks during a news conference on Capitol Hill July 30, 2021 in Washington, DC. Pelosi and House Democratic leadership held the news conference to highlight their legislative agenda. (Photo by Drew Angerer/Getty Images)
Drew Angerer/Getty Images

Rep. Ted Budd (R-NC) charged in an exclusive statement to Breitbart News that House Speaker Nancy Pelosi (D-CA) is killing American jobs by preventing the House from revising the cryptocurrency regulation in the so-called bipartisan infrastructure bill.

Budd spoke to Breitbart News as the House passed a rule that would allow for consideration of the so-called bipartisan infrastructure bill, otherwise known as the Infrastructure Investment and Jobs Act.

N.C. Rep. Ted Budd, candidate for the 2022 North Carolina U.S. Senate seat, speaks at the North Carolina Republican Convention Saturday, June 5, 2021, in Greenville, N.C. Former President Donald Trump announced his endorsement for Budd during his speech to the convention.(AP Photo/Chris Seward)

N.C. Rep. Ted Budd, candidate for the 2022 North Carolina U.S. Senate seat, speaks at the North Carolina Republican Convention Saturday, June 5, 2021, in Greenville, N.C. Former President Donald Trump announced his endorsement for Budd during his speech to the convention.(AP Photo/Chris Seward)

The rule allows for Transportation and Infrastructure Chairman Peter DeFazio (D-OR) or his “designee” to concur or pass the bill without changes or amendments to the bill.

The rule reads:

Provides for consideration of the Senate amendment to H.R. 3684. 9. Makes in order a motion offered by the chair of the Committee on Transportation and Infrastructure or his designee that the House concur in the Senate amendment to H.R. 3684. 10. Waives all points of order against consideration of the Senate amendment and the motion. 11. Provides that the Senate amendment and the motion shall be considered as read.

The rule would block a bipartisan group of lawmakers from amending the so-called bipartisan infrastructure bill, especially as the legislation contains a controversial provision that would institute a $30 billion cryptocurrency regulation.

The Associated Press

President Joe Biden, joined by House Speaker Nancy Pelosi of Calif., talks in-between signing signs several bills during an event in the South Court Auditorium on the White House complex in Washington, Wednesday, June 30, 2021. (AP Photo/Susan Walsh)

Budd, and other pro-crypto lawmakers, such as Rep. Anna Eshoo (D-CA), asked Pelosi to amend the infrastructure bill to address the concerns about the provision. Lawmakers and industry have warned that the bill could kill or send American jobs overseas.

Budd said that cryptocurrency users and investors should not bear the cost of the $1.2 trillion bipartisan so-called infrastructure bill.

“Democrat leadership is shutting out the voices of those who want to keep 21st-century innovations in America. We cannot pay for the so-called infrastructure bill on the backs of everyday crypto investors,” Budd told Breitbart News.

WASHINGTON, DC - AUGUST 23: U.S. Rep. Chip Roy (R-TX) speaks during a news conference on the infrastructure bill with fellow members of the House Freedom Caucus, outside the Capitol Building on August 23, 2021 in Washington, DC. The group criticized the bill for being too expensive and for supporting special interests. (Photo by Kevin Dietsch/Getty Images)

WASHINGTON, DC – AUGUST 23: U.S. Rep. Chip Roy (R-TX) speaks during a news conference on the infrastructure bill with fellow members of the House Freedom Caucus, outside the Capitol Building on August 23, 2021 in Washington, DC. The group criticized the bill for being too expensive and for supporting special interests. (Photo by Kevin Dietsch/Getty Images)

Kristin Smith, the executive director of the Blockchain Association, said in a statement Tuesday:

It is unfortunate, but unsurprising, that the House has decided to not consider any amendments to the current infrastructure bill. Despite the desire of several members of the House and Senate to fix the poorly-designed crypto tax provision in the existing language, we will be left with an overly-broad statute that will harm American innovators.

However, this is not the end of the process. The Blockchain Association, our 46 member companies and the newly-energized, nationwide crypto community will rededicate our energy to supporting technology-neutral, pro-crypto legislation and regulation – on this specific tax issue as well as broader crypto policy. We are heartened by the bipartisan and bicameral support to pursue such legislation, and we will continue to fight to keep America at the innovative forefront of one of the most important technologies of the 21st century.

Rep. Tom Cole (R-OK), the ranking member of the House Rules Committee, slammed Pelosi’s tactics to skip “critical debate” on issues facing the House.

Cole said:

I am astounded by the irresponsible manner in which Speaker Pelosi operated the House this week, simply because she could not get members of her own party in line and on board with her will and wishes. As a result, Speaker Pelosi had the House skip critical debate and an individual vote on a consequential budget resolution solely intended to trigger $3.5 trillion worth of radical tax-and-spend legislation.

He added, “Instead of going through the normal process, the reckless budget was buried in another measure to ensure its adoption, whether a majority of support actually existed within the Democratic Caucus.”

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

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