Following extensive discussion, the US Senate has approved the $1.2 trillion anti-crypto infrastructure bill by a vote of 69-30. The bill has a contentious provision regarding the crypto industry since every crypto broker would be required to KYC all of their customers.
<h2>U.S. Senate Approves An Anti-Crypto Infrastructure Bill</h2>
The contentious infrastructure bill was approved by the Senate with a 69-30 vote. One of the main problems with the law is that it defines crypto brokers as anyone who facilitates transactions. 

According to legal experts, this term may be broadened to encompass Proof-of-Work miners, Proof-of-Stake validators, and even protocol creators.

Brokers will be required to go through Know Your Customer processes and follow rigorous tax reporting standards under the new laws. The $1.2 trillion plan aims to collect $28 billion in tax revenue from the Bitcoin sector.
<h2>Senators From U.S Reach An Agreement On A Contentious Crypto Amendment</h2>
After the crypto community banded together to oppose this law, two amendments were <a href="https://www.cryptoknowmics.com/news/us-senators-reach-an-agreement-on-a-contentious-crypto-amendment/" target="_blank" rel="nofollow noopener">proposed</a>.

Senators Warner, Sinema, and Portman proposed the first amendment, which emphasized that Proof-of-Work miners, hardware makers, and service providers would not be considered brokers.

The community reacted negatively to this amendment since it would not safeguard Proof-of-Stake validators, leading many to assume that the Senate was directly targeting Ethereum's future network upgrade to combat the emerging DeFi sector.

This idea was supported by claims that Treasury Secretary Janet Yellen <a href="https://www.cryptoknowmics.com/news/janet-yellen-will-discuss-stablecoins-with-the-presidents-working-group/">personally</a> worked for the passage of this amendment because DeFi may pose a danger to the current banking system. The White House likewise approved the Warner-Sinema-Portman amendment.

Three additional senators, Lummis, Wyden, and Toomey, submitted a separate, more crypto-friendly amendment, which received widespread support from the crypto community.

[embed]https://twitter.com/RonWyden/status/1424731514147938304[/embed]

Senator Richard By was the only one to vote against the amendment, which was approved by unanimous consent after he was denied the opportunity to propose his own amendment.

The infrastructure bill was approved by the Senate with no changes to the crypto provisions. The executive director of the crypto lobbying group <a href="https://www.coincenter.org/" target="_blank" rel="nofollow noopener">Coin Center</a> urged the crypto community not to lose up and <a href="https://twitter.com/jerrybrito/status/1424832132204138503?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1424832132204138503%7Ctwgr%5E%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fcryptobriefing.com%2Fwp-admin%2Fpost.php%3Fpost%3D93500action%3Dedit" target="_blank" rel="nofollow noopener">continue to oppose </a>the proposal in the House of Representatives. 

During today's vote, no amendments were considered.

The US Senate Approves an Anti-Crypto Infrastructure Bill

The US Senate approves the anti-crypto infrastructure bill by a vote of 69-30 after a lengthy debate. The bill aims to collect $28B in the Bitcoin sector.

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

The US Senate Approves an Anti-Crypto Infrastructure Bill

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