Compromise Provision Tanked by Octogenarian Near-Retiree, but Crypto Shows DC It's Here to Stay

The compromise amendment to the crypto provision in the infrastructure bill was shot down in the Senate yesterday. On this episode of “The Breakdown,” NLW covers what’s happened, what’s next and what it all means, including:

• The compromise’s demise
• Next stop: The House of Representatives
• Crypto’s newfound relevance in political discourse

The compromise – proposed by Senators Lummis and Toomey, and backed by Treasury Secretary Janet Yellen – was rejected by a single senator. The amendment would have required unanimous consent but was tanked by Alabama Republican Sen. Richard Shelby over an unrelated dispute on additional military funding. 

The bill now moves to the House where it will be deliberated more, though it is unclear how much room there will be for modifications once it gets there. Emerging crypto-friendly lawmakers continue to push to improve the broker definition within the provision.

The infrastructure bill saga represents the first act in crypto entering the highest echelons of political discussion in the U.S. Instead of pushing quiet legislation through, this crypto provision gave the industry an unprecedented platform and relevance in the eyes of lawmakers. Will crypto be a key issue for lawmakers in the future?

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Chip Somodevilla/Getty Images News, modified by CoinDesk.