Eshoo joins crypto supporters as she calls on Nancy Pelosi to amend the harmful language in the new bipartisan infrastructure bill.
House Representative Anna Eshoo sides with the growing number in opposition to the language of the new bipartisan infrastructure bill. The $1 trillion dollar bill imposes new and concerning regulations on the cryptocurrency industry.
The California Democrat issued a letter to Speaker of the House Nancy Pelosi this past Thursday. The letter prodded Pelosi to revise “the problematic broker definition”. The bill passed through the Senate and now awaits a decision in the House.
The Representative shared a copy of the letter on her Twitter account.
Eshoo wrote that she does believe the crypto sector should be addressed, but without hindering innovation. “I share the goals of the underlying provision to address tax evasion in the cryptocurrency market, but the House should amend it, as the bipartisan compromise amendment would have, to meet this goal without stifling innovation in a nascent industry by imposing unworkable regulations.” She even added the trending hashtag, “DontKillCrypto” to the end of her Tweet.
While a leadership aide confirmed the final language in the bill will be reviewed, that doesn’t mean it will be updated.
A Bill to break crypto
The bill is over 2,000 pages in length, and the section which concerns crypto is negligible. However, the effects of that tiny section are not. The bill contains a provision which calls for additional reporting requirements from the crypto industry. These requirements would help fund the exorbitantly expensive bill.
However, leaders in and outside of the crypto industry along with organizations in support of digital rights say the language is a threat.
If the language remains unchanged, it would rope miners, investors, and developers into the same bracket as major industry businesses. The simple act of buying coffee with bitcoin could turn into an IRS reporting obligation.
A bipartisan group of Senators already proposed an amendment to the bill. However, it ultimately failed after another Senator tacked on an unrelated addition.
The entire industry is on edge as the decision stands in limbo. Major figures in the crypto industry, fret over the “profound negative impact” this bill could impose.
More than ever, the industry needs people in place of power to stand by its side. Representative Eshoo said she’s ready to stand for a compromise. “I stand ready to work with you to ensure the infrastructure legislation addresses tax evasion to pay for its investments without unduly threatening a growing sector of our economy.”