U.S President Finally Signs Controversial Infrastructure Bill into Law
After months of intense debate from US Congress, President Joe Biden has finally passed the controversial $1T Infrastructure Bill into law. The President signed the bill in an event held in the White House on November 15, with a huge number of people gracing the ceremony.
With the bipartisan bill now signed into law, funds will be provided to rehabilitate roads, bridges, improve internet access, and other major projects that have been found decaying over the years. More importantly, the bill will address cryptocurrency reporting requirements in a bid to tax cryptocurrency businesses.
A Look Into the Signed Bipartisan Bill And The Reporting Requirements
Before the passage of the bill, it was heavily bashed by crypto enthusiasts for its tough reporting requirements. Senator Pat Toomey and Cynthia Lummis were amongst those that called for the amendment of the crypto section, adding that the reporting requirement will stifle innovation. In addition, they stated that the requirements failed to clearly define the meaning of a crypto broker.
In August, the Senators revealed that they would propose a compromise with the intent of amending the crypto reporting requirements as well as the transaction language. Toomey said that the amendment will fix the issue and will apply to those who are the real key players, and not the intermediary. He added that if the amendment isn’t carried out, miners, software developers and providers will be mandated by law to provide information that they don’t possess or can’t get. However, the proposal was opposed.
For a long time, the call to tax the crypto industry has become widespread given the huge amount of inflows. The IRS revealed that using the conventional tax system for the crypto industry wasn’t feasible because it was difficult to monitor crypto transactions, including the inflow and outflow of money. Lawmakers added a section about crypto taxation to implement tougher rules on businesses dealing in cryptocurrencies. The bipartisan bill aims to ensure that crypto-based businesses are properly monitored. Moving forward, the bill states that all crypto asset transactions above $10000 be reported to the IRS.
With the passage of the bill, it will become near impossible for any lawmaker to adjust the content of the requirements. While some are celebrating the passage, others like Shannon Bray, who is vying for a seat in the Senate, urged voters to elect representatives knowledgeable about cryptocurrency that will fight for what they stand for. The bill will take into effect in 2024.
Biden Acknowledges The Efforts Of The Legislators
Despite the fierce rivalry between the Republican and the Democratic party, the two parties worked together to ensure that bill was passed. Biden thanked Senators Krysten Sinema and Rob Portman alongside Mitch McConnell for their pivotal rules throughout the process.
In his speech, Biden stated that with the bill signed, America is closer to its dream of becoming the world’s best economy.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
