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The cryptocurrency market currently enjoys a rush of bullish momentum as members of the US Senate scramble to reach an agreement ahead of the legislation of a new crypto regulatory bill tomorrow.
At press time, Bitcoin trades around $45,850, a 4.6% intraday jump, while Ethereum trades at $3,150 or +4.5%. As expected, the bullish momentum in the two largest cryptocurrency sparked a bullish sentiment across the industry.
Cryptocurrency traders are purchasing cryptocurrencies and cryptocurrency-related stocks ahead of a vote in the Senate that should elucidate documentation (reporting) requirements on brokerages and exchanges. The US Congress plans to raise $28 billion from taxing the crypto industry to support the $550 billion infrastructure spending.
According to reports, the lawmakers appear to have reached a compromise amendment for the reporting requirements.
Senators Cynthia Lummis (R., Wyo.) and Pat Toomey (R., Pa.) announced the deal with Democratic colleagues, revealing a bipartisan coalition between key Senate negotiators.
Original Cryptocurrency Regulatory Bill Unfavorable for Industry
The language defined a broker as “any person who…regularly effectuates transfers of digital assets on behalf of another person.” However, it clarified that it specifically excluded miners, including those who validate distributed ledger transactions and hardware or software developers who provide wallet keys.
Notably, this compromise received widespread accordance from the crypto community, as advocates lobbied relentlessly against the original bill. The initial language failed to provide exemptions for miners and developers, which could have triggered an exodus of the industry to offshore locations.
Crypto advocates urged Congress not to play favorites with deciding mining groups exempt from the reporting requirement. Some competing amendments would have excluded proof-of-work and proof-of-stake mining from the broker basket but also opened channels for reporting based on protocols. This amendment would require miners to issue 1099 forms to crypto traders, an impossible feat considering that miners do not know their customers due to the decentralized nature of the industry.
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