Over the last week or so a lot has been made out about the two different bipartisan pieces of legislation. In a move that was interesting to me each chamber, the Senate and the House had one piece of legislation that was the recent focus of attention.
On the Senate side, Senator Pat Toomey of Pennsylvania and Senator Kyrsten Sinema introduced the Cryptocurrency Tax Fairness Act. This piece of legislation has been discussed and various forms have been introduced and it would expect reporting crypto transactions of less than $50 in value or trades in which a person earns less than $50. It is important to note that this legislation has a companion piece meaning it has been introduced already in the other chamber (in this case the House). By doing this the adoption and passage of this legislation would be much faster since it does not have to bounce between the two chambers as many times however the House has yet to do anything with it and the bill is currently sitting in committee. The other piece of legislation that has been talked about a lot is the US Stablecoin Act, which was due to come out this week as of last Friday. This bill had been being negotiated for some time in the House between the Chairwomen and Ranking Member of the Financial Services Committee. Due to issues, I have previously written about here this legislation has been punted till after the August recess pushing it back roughly 5 weeks if not more.
The reason that I bring up these two pieces of legislation is twofold. First, they have both been in the headlines making news because of what they do. The second is that they are both bipartisan efforts that now might be for naught. If you had asked me 24 hours ago I would have told you that odds are one of these two would have been passed in at least one chamber before the elections. Sadly, due to developments that occurred yesterday evening on the Hill, the appetite for bipartisan work has essentially dried up. This results from the agreement we have been told that Senator Manchin and Senator Schumer have made about a reconciliation package that addresses climate, and taxes, among other things.
As someone who works on the Hill and was involved with the negotiation of the COMPETES/USICA Conference and then with the CHIPS & Science Act I have to say the fallout from this agreement in the Senate has blindsided a lot of people right before August recess. It has completely outraged the Republican side due to the last-minute out-the-door nature of it as well as irritated different factors of the Democratic Party due to sacrifices that had to be made. Even with this agreement, there have already been talks and discussions that it does not have the votes needed to pass the Senate as Senator Sinema is opposed to several provisions that she had previously called nonstarters.
The way that this situation has been handled has been poor, to say the least. While several pieces of bipartisan legislation were supposed to be picked up after August recess they face huge issues now because of what has occurred. It remains to be seen if this will even be worth it or not if the reconciliation deal does not get passed by the Senate before next Friday when the Senate then goes on its break. As a whole, though the crypto ecosystem was dealt a pretty bad blow with this as it is hard to see Congress passing any sort of legislation like this in a bipartisan nature which was needed.
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