Crypto language in the infrastructure bill is a political shell game, says Co...
According to Zachary Kelman, Republicans and moderate Democrats may know the tax reporting requirements for crypto firms are impossible, but want to have a provision to fund some of the projects without raising taxes. Zachary Kelman, the general counsel for Cointelegraph, said that the political fight over the tax implications for crypto in the infrastructure bill is nothing new, as it’s likely about how lawmakers plan to pay for everything.In an interview with Cointelegraph's Jackson DuMont, Kelman claimed that Senators pushing the crypto language in the infrastructure bill — which....
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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....
Serving U.S Representative for Colorado’s 3rd congressional district, Lauren Boebert questioned why a crypto provision was included in the infrastructure bill, especially since it has no relevance to infrastructure. She added that hiding unrelated laws into bills as a strategy for passing unpopular legislation is why people “hate DC politicians.” Even before covid mandates and […]
The language in the infrastructure bill is an example of why the Bitcoin community has to engage politically.
The infrastructure bill has passed, much to the crypto community's chagrin, yet the key battles lie ahead. Even though crypto has long attained relevance as an independent political issue, at times it gets entangled with the broader dynamics of the political process. The notorious infrastructure bill — a major pillar of the Biden administration’s economic agenda — suddenly passed in the U.S. House last Friday despite congressional Democrats’ original agreement to vote on the party’s other legislative priorities first. Having passed 228 to 206, the bill is moving to President Biden’s desk.....
The uncertain language — intentional or not — of the infrastructure bill poses an existential threat to the U.S. Bitcoin mining industry. On August 10, the United States Senate voted to pass a $1 trillion bill to revitalize America’s infrastructure. From the standpoint of the crypto community, miners in particular, the Senate’s foray into crypto legislation has been a disaster. Unless the language defining brokers in the bill is clarified, it will singlehandedly thwart the growth of a domestic industry just as it is taking off.As written, the bill allows for multiple interpretations of the....