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Seeking Alpha 2021-08-06 22:12:38

Brian Armstrong expresses concerns ahead of Saturday's infrastructure bill vote

Bitcoin (BTC-USD) climbs 5.2% in the past 24 hours ahead of the widely anticipated Senate infrastructure bill outcome on Saturday, which "is the government trying to pick winners and losers in a nascent industry today," Coinbase (NASDAQ:COIN) Co-Founder and CEO Brian Armstrong said in a tweet. As of now, the bill defines a broker as "any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person," per CNBC, according to the bill. However, one amendment from Senate Finance Committee Chairman Ron Wyden, Senator Pat Toomey, and Senator Cynthia Lummis, seeks to "narrow the definition of what counts as a broker," Politico reports, citing people familiar with the matter. On Thursday, Senators Rob Portman, Mark Warner, and Krysten Sinema also submit an amendment to change the "broker" definition slightly, "but not to the extent deemed necessary by those within the crypto space," CNBC reports.

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