The infrastructure bill, slammed by several crypto enthusiasts, is officially law in the US.
On Monday, President Biden approved the $1.2 trillion infrastructure bill in front of reporters, union workers, and lawmakers. The bipartisan bill will fund solar panels, roadways, bridges, electric vehicle charging stations, internet access, and other significant projects. However, legislators also included regulations on crypto in the bill before it passed in both chambers of Congress.
The bill will implement tighter guidelines on companies invested in crypto and expand the reporting demands for brokers. In addition, crypto traders must report transactions worth more than $10,000 to the IRS. A group of legislators attempted to clarify the crypto tax obligation reporting demands, yet the amendment failed approval in August.
After signing the bill into law, the US President said:
“For too long, we’ve talked about having the best economy in the world. […] Today, we’re finally getting this done. America is moving again, and your life will change for the better.”
Ultimately, most senators attempting to modify the crypto language in the bill voted yay. However, Senator Pat Toomey voted nay and called out the crypto tax reporting demand as perhaps “unworkable.”.
The infrastructure package we voted on today is too expensive, too expansive, and too unpaid for. I could not support it. My full statement: pic.twitter.com/IQPguSdkry
— Senator Pat Toomey (@SenToomey) August 10, 2021
While it’s difficult for any US legislator to alter the crypto reporting requirement in the bill (which begins in 2024), others have utilized the bill’s crypto regulations as a call to action. North Carolina’s Senator Shannon Bray encouraged voters to “elect crypto-friendly representatives” to help combat the law’s implementation.
Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.