The vote was agreed upon following the approval of the Democrats’ $3.5 trillion budget blueprint. Despite some minor pushback from some seemingly crypto-friendly Democrats, the opposing parties were swayed after House Speaker Nancy Pelosi said:
Some members of the Senate battled to pass a compromise amendment to the bill that would exclude network validators and software developers. However, efforts to amend the bill failed when one dissenting Senator, Richard Shelby, opposed the motion.
From the look of things, the bill may go on to be passed without any amendment in September. Although the scope of the regulation is still unclear, a Treasury Department official told CNBC that will not be forced on entities that are unable to comply.
According to the unnamed official, the department will conduct detailed research to determine which actors in the crypto space can adhere to the new reporting requirements.
The words of the official have been taken with a pinch of salt as industry participants expressed their displeasure over the decision of the lawmakers. Coin Center executive director Jerry Brito noted:
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Source: Cryptocurrency - investing.com
