By Shelly Melancon (Switzerland)
America’s House of Reps is set to vote on the hugely debatable cryptocurrency infrastructure bill before the end of next month. It is believed that the vote on the bill will be without any amendments.
Pelosi Appeals To Dissenting Voices
The vote became imperative following the approval of the majority’s budget blueprint. However, the speaker of the house had to prevail over dissenting voices from some members of the majority. Late last month, the infrastructure bill was modified to incorporate crypto policies and raise an additional $29B from the digital asset space.
While the crypto community wouldn’t mind increased industry regulation, they were baffled by the “loose language” used in the bill, especially the taxing of those who only provide volunteer support for the industry. Despite various attempts to remove the loose language, the bill was eventually sent for voting without any modification.
A Glimmer Of Hope?
But a recent CNBC interview with a top executive of the Treasury department revealed that firms that don’t provide services that entail reporting wouldn’t be mandated to comply with reporting requirements. He also said that the treasury department will still conduct independent research to find out entities that must comply with this new requirement.
But Jerry Brito, CoinCenter CEO, was unconvinced by the Treasury department executive’s submission. Brito maintains that there is more to that bill than just reporting requirements by all actors involved. He said that reporting transactions of over $10K to the IRS and the details of those involved shouldn’t be there.
Also read:He further said, “it is good that the Treasury is willing to do what is appropriate, but they shouldn’t do it with the bias that the crypto community is overreacting on this issue.” Another industry figure and an executive with The Blockchain Group opined that what has happened isn’t surprising but regrettable.
Bitcoin Hash Rate And Supply Holdings Increase
A Glassnode data has predicted a rise in the next circulating supply. However, Bitcoin holders aren’t giving in to selling pressure. Even at that, Bitcoin inflows at the exchange keeps rising. In the past, this development often led to a bullish run which is a positive for the market. October 2020 was the last time there was a peak in the amount of Bitcoin held in private wallets.
If the reverse were the case, market volatility would be high because intense competition would be between the bulls and the bears. Meanwhile, the Bitcoin hash rate is rising again as the market seems to be getting over the effect of the harsh conditions for crypto miners imposed by Chinese authorities gradually. This is good news as it shows the readiness of the hash rate market to deal with the possible fluctuations from the expected increase in supply.
While various crypto data metrics do not agree, this development is yet to affect the market in any way. As of this writing, BTC’s price is around $48.5K, having lost about 4% yesterday and about $500m liquidations.
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