Infrastructure Hits Crypto Roadblock

The week ends with lots of momentum for the bipartisan infrastructure bill but some Republicans are using parliamentary tactics to slow down the eventual vote; and out of the blue a revenue amendment was added to place new reporting requirement on the crypto industry.

Currently there appears to be well more than the 60 votes needed to pass the bill, but with delaying tactics by some Republicans Senator Schumer has been forced to stop debate using the cloture procedure. The cloture vote is expected on Saturday. While it appears today that most of the 16 Republicans who voted for the earlier cloture motion will continue to support the bill and the process, there are some rumblings that Republicans may initially vote against cloture on Saturday demanding more time for amendment. However, the broad consensus is that by sometime next week the bill will pass.

Crypto: When the 2702 page was introduced, on page 2433 appeared an amendment to raise revenue by placing 1099 type disclosure requirements on crypto brokers. Industry participants believed that the language was too broad and got two leading Senators, Wyden and Toomey, to offer a narrowing amendment. However, opposition to the amendment emerged, apparently from Treasury and perhaps other regulators. Opponents of the Wyden/Toomey lan...
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