The $1 trillion bipartisan Infrastructure Bill has been topping the news in the crypto space for some weeks now. Some cryptocurrency stakeholders are having problem with two provisions of the bill.
First, about the stricter imposition of tax on digital assets. Several senators are arguing against this.
On a second note, the bill requires crypto “brokers” to report transactions that are beyond $10,000 to the Internal Revenue Service. Meanwhile, the bill defines a broker as someone who regularly offers digital asset services on behalf of another.
According to some people like Sam Bankman-Fried, this definition is too broad as it would include—by extension—developers and miners who don’t have users. Thereby subjecting them also to do the obligations concerning brokers in the bill.
Having said that, this bill has been argued back and forth in the house and it is fewer steps away from being passed. Last week, the bill was upvoted by 68 Senators, while 29 voted in disagreement.
However, with the vehement disagreement of Bill Hagerty saying it might cause federal budget deficit, the final part of the votes might most likely be on Tuesday.
Of course, it’s necessary to note that not only crypto-related provisions are being debated in this bill, but also the $550 billion allocation for the nation’s physical infrastructure. If passed on Tuesday, the bill is a step closer to becoming a law.
Concerning the lengthy legislative debate on it, Senator Chuck Schumer—the majority leader—remarked thus: “We will move forward to wrap this up as expeditiously as possible, and then move on to the budget resolution. It’s taken a while, but it’s going to be worth it.”