The crypto community protested in unison against the bill proposed by Senator last week. The bill proposed raising infrastructure money by imposing a tax on crypto transactions. Furthermore, the bills also changed the legal definition of crypto brokers. Keeping in view the strong opposition from the public, Senators agreed to amend the bill.
The new amendment by a trio of Toomey-Sinema-Lummis allowed the addition of Proof of Work (PoW) miners, proof of stake (PoS) developers, and protocol validators for as parties who effectuate digital currency transfers. This amendment required a unanimous vote from the Senate. However, Senator Richard Shelby single-handedly stopped the change by withholding his vote.
There are many claims and debates as to why Senator Richard Shelby stood out as the only opposing vote to prevent the crypto-friendly amendment. As per Robert Leshner, Shelby is trying to create a blockade since his proposed bill for collecting $50 billion for the military expedition was ignored. Leshner is the creator of Compound Finance, who also revealed that Senator Bernie Sanders opposed his bill.
Some other sources and public figures claim that Senator Shelby has been financed by financial institutions and banks. This group of protestors alleges that Shelby has received donations from said enterprises whose existence is threatened by crypto market growth and development. Ryan Selkis from Messari claims that Shelby wants to score high-paying jobs for his staff on Wall Street.
Senator Shelby Supported Privacy Laws in the Past
The 87 years old Republican Senator Richard Shelby, who hails from the State of Alabama, is about to retire from the Senate. According to speculators, defense and military supplies manufacturers like Citadel, Lockheed, Martin & Boeing, MetLife, and others are included in the list of donors who support Shelby. He has been acting as a representative of his State since 1986. In the past, Shelby has opposed propositions such as tax increases by Democratic Party members. He was also known to defend blockchain technology for its ability to provide financial privacy to the public. He also voted against a financial regulatory bill in 2010, claiming that government should not collect un-sanctioned financial information. However, his current move indicates that he is not worried about the privacy of the masses anymore.
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