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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. 

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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. 

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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. 


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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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