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The US Congress will vote on the $1 trillion bipartisan infrastructure bill on Thursday, and House Speaker Nancy Pelosi is confident a ruling will pass.
According to the letter released by the Speaker’s office yesterday, a four-day debate will take place before the final legislation, which will help fund roads, bridges, schools, and many other infrastructural projects get voted on. The letter, published by Reuters, noted that:
“Tomorrow, September 27, we will begin debate on the Bipartisan Infrastructure Framework on the Floor of the House and vote on it on Thursday, September 30, the day on which the surface transportation authorization expires.”
A critical part of the bill for the cryptocurrency industry in the past that mandates tax reporting for all entities loosely connected to the crypto industry.
The bill, which passed the House in early August, used the word “broker” to define crypto organizations and companies like software developers, node validators, stakers, miners, hardware manufacturers, and wallet providers.
That said, if this bill passes without a chance to the definitive wording, the entities mentioned above will have to report transactions to the Internal Revenue Service (IRS), which aspires to expand the crypto tax base to raise an additional $28 billion in revenue to fund infrastructure projects.
Lawmakers Argue that Current Infrastructure Bill Could Disrupt US Crypto Community
Several US legislators, including Anna Eshoo, Cynthia Lummis, Ron Wyden, and Pat Toomey, have lobbied House, maintaining that the bracket terminology is too broad and could stifle innovation in the sector.
On August 12, Rep. Anna Eshoo wrote a letter to Pelosi, stating that: “In the decentralized system of cryptocurrencies, these individuals and entities do not know who the buyers and sellers are and would be unable to comply with the broker requirements.”
The US crypto industry will suffer a far-reaching setback, and future innovations will get studied should the proposed bill pass as it is.
With some lawmakers insisting that the bill get held back until a more concise measure is ready, there are echoes of a possible additional postponement. However, with the US Treasury running out of money due to stimulus measures and a possible debt default by the US government, many expect the bill to pass expediently regardless of the potential impact on the US crypto industry.
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