Crypto community concerned over impact of infrastructure bill on DeFi
How may the $1 trillion infrastructure bill impact the thriving DeFi ecosystem and crypto community at large? Members of the crypto community have been up in arms recently about the $1 trillion infrastructure bill that the United States House of Representatives was expected to vote on this week. The legislation includes a crypto-tax reporting provision, along with the establishment of a definition for the term “broker.” House lawmakers stated that a vote for the infrastructure bill would take place on Thursday, Sept. 30, yet Congresswoman Nancy Pelosi announced on Sept. 29 that the....
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General counsel to Compound Labs, Jake Chervinsky, has warned that the Treasury Department wants to “capture” the DeFi sector through the crypto provisions added to the infrastructure bill. The last-minute cryptocurrency provisions added to the U.S. infrastructure bill sought to “capture DeFi,” argues Compound’s general counsel Jake Chervinsky.Appearing on the Bankless State of the Network podcast on August 17, Chervinsky — who is also DeFi Chair of the Blockchain Association — said the industry had been “blindsided” by the infrastructure bill’s crypto tax provisions which were announced....
A decentralized exchange reckoning is coming — and it’s bigger than the infrastructure bill — thus, the DeFi community must be ready. The latest news has left the decentralized finance community in a collective fetal position. Responding to the threat of increased regulatory oversight, leading decentralized exchange Uniswap recently restricted the trading of certain tokens. Earlier in July, Dan M. Berkovitz, chairman of the Commodity Futures Trading Commission (CFTC), said that DeFi derivatives platforms might contravene the Commodity Exchange Act (CEA):“Not only do I think that unlicensed....
The Original DeFi Meme Token – HOGE has joined forces with the DeFi Angels to give their project a voice on Capitol Hill as the regulation conversation heats up. It’s no secret that American based blockchain crypto companies are fighting the infrastructure bill in D.C. This bill could create big change in the world of DeFi over the next several years. HOGE is an ERC20 token on the Ethereum blockchain that has a 2% tax on every transfer. Part of that tax is reflected to current holders, and part is burned forever making HOGE a deflationary cryptocurrency asset. Hoge was a....
Congress has passed the Biden administration’s bill aimed at improving infrastructure, fighting climate change, and bolstering social services. The $1.2 trillion infrastructure bill, which also expands the definition of a broker, awaits U.S. president Joe Biden’s signature after passing with a vote of 228–206 on Friday. Bipartisan Infrastructure Bill Passes to the Tune of $1.2 Trillion The bipartisan infrastructure bill has been a hot topic in recent times and on Friday the bill passed in Congress and now awaits president Biden’s approval. The passing followed....
The U.S. Senate has passed the $1.2 trillion infrastructure bill with a crypto reporting requirement provision that has been described as “unworkable.” Senator Ted Cruz warned: “This infrastructure bill has in it a portion that is designed to obliterate crypto. That would be a tragic mistake.” Senate Passes Infrastructure Bill With ‘Unworkable’ Crypto Tax Provision The U.S. Senate voted 69-30 to approve the $1.2 trillion bipartisan infrastructure bill Tuesday without a crypto amendment. Many people have raised concerns about the cryptocurrency provision....