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Texas Senator Ted Cruz acknowledged his support for the cryptocurrency industry in a recent tweet by firmly supporting an amendment to the harmful Bitcoin clause in the infrastructure bill proposed by Ron Wyden (D-OR), Patrick Toomey (R-PA), and Cynthia Lummis (R-WY).
Ted Cruz Acknowledge His Support For The Bitcoin Industry
The former Republican presidential candidate also stated that he has devised his version that would eliminate the law.
His suggestion to strike the provision, on the other hand, is unlikely to garner enough votes, which is why it never gained traction.
After an uproar, a White House-backed amendment proposed by Senators Rob Portman (R-OH) and Mark Warner (D-VA) was changed to no longer offer a pass to proof-of-work, although it still fails to exclude protocol developers.
Later today, the Senate will return to the floor to resume discussing the infrastructure package.
During an interview with Fox News anchor Sean Hannity in June, Cruz stated that Bitcoin has "a lot more potential."
Senator Ted Cruz Join Other Notable Personalities In Criticizing A Crypto Tax
As a bipartisan Senate prepared to vote on President Joe Biden's infrastructure plan, a chorus of Silicon Valley and Washington executives expressed alarm over a clause that would levy new taxes on cryptocurrency.
Elon Musk, CEO of Tesla, termed the measure "hurried," adding it was not the time for politicians to "select technological winners or losers."
A bipartisan Senate measure passed last week includes new tax rules for cryptocurrency trading businesses and brokers, which are anticipated to generate $28 billion in new tax revenue over the next decade.
The income would be used to support President Joe Biden's infrastructure program, according to the White House. Critics pounced on the concept.
They stated that the tax regulations would apply to a larger-than-expected number of cryptocurrency firms, some of which would be unable to fulfill the reporting requirements.
Senators Ron Wyden, Cynthia Lummis, and Pat Toomey presented an amendment midweek that they claimed would properly clarify the term "broker."
The White House says it prefers an alternate proposal that would exclude a limited subset of cryptocurrency investors from the new tax regulations.
Firms with a stake in cryptocurrency reacted angrily, claiming that the revisions did not go far enough to safeguard a young industry. The measure as worded will "stifle the next 20 years of innovation" from US crypto companies.