Senate Rejects Revised Crypto Tax Provisions in Infrastructure Bill | Hacker News Reader

Senate Rejects Revised Crypto Tax Provisions in Infrastructure Bill

decrypt.co

13 pointsdonsupreme14 comments

> The amendment failed after Senator Richard Shelby attempted to tack on $50 billion in military infrastructure spending to it.

Having no idea who this guy is and looking him up, he's apparently 87 years old, used to be a Democrat known for working with Reagan to get huge defense bills passed, decided he was now a Republican after Newt Gingrich's Republican Revolution against Clinton, he's leaked classified information to Fox News when he was on the Senate Intelligence Committee and the Justice Department decided to not prosecute so the Senate could police its own, but they did nothing, he once held up court appointments until Obama agreed to fund the Stratotanker, he has apparently paid himself and his wife fractional millions from his PAC and somehow hasn't been arrested for that, he once sponsored a bill that would have made it a crime punishable by 20 years in prison to boycott Israel.

He sounds like absolutely everything wrong with the US Senate.

Look. I honestly can't stand cryptocurrency. I think much of the scene is everything wrong with get rich quick technobabble hype hijacking of what should have been legitimately useful ideas. But this was a totally commonsense amendment that somehow got scuttled by a near 90 year-old who almost certainly has no idea what the bill is about and doesn't care, but he exists for the sole purpose of funneling defense money to Huntsville and needed his cut, and he probably should have been in prison decades ago but instead he's making laws. Makes it feel like our country is being run by the Mafia.

Not to come off ageist but(famous last words), making a decision that impacts the lives of 330m people when you're 40's, 50's even 60's is a lot different than at 87. At the more advanced age you don't really have to live with the consequences of your decisions and the people effected by them for very long.

Feels like misaligned incentives.

LOL. What happened to the wisdom of age? We live in a representative democracy. If the people of Alabama want to elect him, his age no business of yours, he has a vote.

That's fair although he's probably elected by a lesser of 2 evils situation and hasn't been targeted by a serious primary contender yet.

It's so confusing to understand what this means exactly, you'd think the market of crypto would crash on this news, and if anything, it went up a little right after the news broke?

A great example of how hard it is to trade.

Bitcoin is down 3% and dropping since it was rejected. Could get worse over time

If I were you, I'd quickly go to cash. However, a run on crypto exchanges would get real ugly, real fast.

> A great example of how hard it is to trade.

The way to win at this game...

...Is to not play it at all; especially during the hype.

Even at this time since 'anything' can happen. Too many things in the crypto industry is already happening which could move the markets either way.

So sit back, relax, and watch the chaos and hype die away, with out any emotion, then jump back in.

Crypto markets are not exactly known for being rational.

as opposed to other rational markets

There is certainly a gradient.

not sure really. crypto markets dont seem to have been less rational than other markets in recent years.

> Instead, Sen. Richard Shelby (R-AL) tried to piggyback consideration of his own amendment, which would have added $50 billion in military spending, to the crypto amendment. Sen. Toomey, who had risen to ask the room for unanimous consent, allowed it, but Sen. Bernie Sanders (I-VT) would not. Sen. Shelby then killed the cryptocurrency amendment.

So he kills the amendment because he didn't get his $50 billion? Just ignore the crypto end of it and tell me how crazy that is. Wow!

Glad for Sen. Sanders standing up to this kind of pork bullshit.

Bills should be different for each reason/topic and stand or fall on their own merits. Tired of this bullshit that allows for "give my state/corp sponsor a tax break with this bill too, or else".

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