Senator Toomey introduced a mechanism known as Unanimous Consent today in the Senate, which requires zero opposition to advance a motion. Despite considerable support for the compromise accord, it was defeated due to Senator Richard Shelby’s (R-AL) disagreement with the bill’s desire to include a $50 billion defense amendment.
Senator Ted Cruz (R-TX), in a last-ditch effort, requested Unanimous Consent on his own amendment, which would have removed the crypto language entirely from the bill. Shelby, on the other hand, protested for the same reasons.
There had been hoping this morning that the ‘problematic’ language from the original law would be struck before a final vote, thanks to a bipartisan group of senators who had been advocating competing deals over the past few days. Senators Ron Wyden (D-OR), Cynthia Lummis (R-WY), and Pat Toomey (R-PA) were among those who opposed to the imprecise language that would classify any node or miner, as well as software developers, as a “broker” and require them to issue 1099s to crypto users. These firms would have been exempted under the compromise language, allowing them to focus solely on crypto exchanges like Coinbase.
The failure comes after extensive crypto industry rallying, with the non-profit Fight for the Future reportedly making over 40,000 calls to Senators.
With no other options for changing the law’s terms, the $1.2 trillion packages will be voted on in its entirety by the Senate, which could happen at any time. The law is projected to pass due to its bipartisan character. Before being signed by President Biden and becoming law, it must be reconciled with a version prepared by the 435-member House of Representatives.
The law is slated to go into effect in 2023.
