While the House of Reps remains divided over the much-talked-about bill, House Speaker Nancy hopes the House will pass the legislation this week. The influential speaker said she was confident that they would pass it no later than this week after concluding the voting process. The Speaker revealed this on Monday.
Pelosi stated that the House would vote on when to pass the controversial bill, adding that they will begin debate on the framework on September 27, and on September 30, the House will decide whether to pass the bill or not. However, she noted that the vote would happen a day before the Surface Transportation Reauthorization Act expires.
The Issues About the Infrastructure Bill
The Infrastructure bill has been highly debated and a subject of controversy since it was drafted. The controversial provision for the crypto industry states that crypto investors, traders, and exchanges report the gains and losses of their digital assets to clients and the IRS. Additionally, the legislation stipulates that virtual assets transactions valued above $10k be reported to the Inland Revenue Service. The IRS was behind this, citing that the industry is complicated to track due to non-existing laws.
The legislators and crypto executives have faulted the bill in the area of neglecting to demystify certain terms. Although the Senate passed the legislation on August 10 amid bipartisan support, the provision mandating stringent reporting requirements for the crypto industry and software developed didn’t clarify some terms. Therefore, called for a widespread amendment.
Republican Senator Pat Toomey eventually forwarded an amendment, with Senator Lummis, Ron Wyden, and others’ support. In the amendment, they all sought to exclude software developers and node operators from the bill. Additionally, it called on the legislature and regulatory bodies to explain the terms for a better understanding. To the disappointment of the crypto world, Alamam Senator Richard Shelby objected to it, eventually stopping it from being incorporated into the bill.
The Infrastructure Bill Still Faces Opposition
While the provision for the reporting requirements has abysmally ended, the infrastructure bill is still debated. Some legislators opine that the infrastructure bill shouldn’t be passed until negotiations involving the follow-up of the $3.5T social welfare and climate bill ends. While the cost of the social welfare bill has left some Democrat lawmakers perturbed, Speaker Pelosi said that the bill could be minimized in scope.
Pelosi revealed that the House is working with the Senate and the White House to see if they can make the necessary changes to the “historic legislation.” She added that the $3.5T figure was sent to the House by the Senate and the President, but with some negotiations, some changes would be implemented.