The unchanged crypto tax bill will be put to a vote on Tuesday

The provisions aim to raise $ 28 billion for infrastructure funding through expanded taxation of digital assets, and will impose broad third-party reporting requirements on any crypto company deemed to be a “broker.”

On August 9, Compound Finance General Counsel Jake Chervinsky tweeted that the Senate voted 68-29 against ending the debate over the provisions, suspending discussions until Tuesday’s final vote.

However, Chervinsky pointed out that the Senate can still pass an amendment to the bill by unanimous consent before the final vote.

Talks in the Senate over the controversial cryptocurrency tax provisions of the U.S. infrastructure bill have stalled, with an unmodified version of the bill due to be put to a vote on Tuesday.

Update of the Sunday evening infrastructure bill:

The Senate voted 68-29 to end debate. We wanted a vote on the Wyden amendment first, or on a Wyden-Warner compromise, but without success.

The Senate must wait until Tuesday to take a final vote. They could still amend the bill before that date. https://t.co/VFrmnZqOPQ

– Jake Chervinsky (@jchervinsky) August 9, 2021

The broad language used to define a crypto “broker” in the provision sent shockwaves through the crypto industry, with analysts inferring that miners, stakes and other network validators, and developers of software could be subject to third party tax reporting requirements despite failing to possess personal information about their counterparties.

The crypto industry has supported an amendment proposed by Senators Pat Toomey, Rob Wyden and Cynthia Lummis that would limit the definitional scope of crypto “brokers” to exempt miners, validators and software developers from the provision. . However, the majority of lawmakers support a competing amendment by Rob Portman, Mark Warner and Kyrsten Sinema that would exempt only minors, proof-of-stake validators and wallet providers from the bill.

Read also: Treasury Secretary reportedly against changing crypto language in infrastructure bill

According to a Twitter from August 8 thread de Lummis, both sides are now at an impasse over the 30-hour rule – which allows senators to consider a bill up to 30 hours before voting on it.

Lummis asserted that while “some senators want to continue focusing on the infrastructure bill for 30 hours to raise awareness of its price,” Senate Majority Leader Chuck Schumer “wants to vote quickly in order to focus on other laws, and will not allow amendment votes unless that happens. However, Lummis added:

“If we could vote on any amendments, I think the digital asset community would be happy with the outcome.”

If passed by the Senate on Tuesday, the legislation will still have to clean the house before it becomes law, giving a new opportunity for crypto provisions to be overhauled.