Senators have come to an agreement about the much-debated cryptocurrency amendment to the Infrastructure Bill.
The agreement between Republicans and Democrats will not be opposed by The Treasury Department and will limit the federal regulation of cryptos, according to CNBC. The amendment, co-sponsored by Sens. Rob Portman (R-Ohio), Kyrsten Sinema (D-Ari). and Mark Warner (D-Va.)
Republican Senators Pat Toomey (Pa.) and Cynthia Lummis (Wyo.) had stated that the bill would redefine who fits the bill for cryptocurrency regulations and the definitions were vague when the amendment was initially unveiled. In a joint statement last week, Toomey said that the tax amendment was vague in its definition of a cryptocurrency broke and was ultimately “unworkable.” The group believed that the amendment would see software developers and transaction validators fall into the category of crypto brokers and wanted to clarify the definition laid out in the agreement.