After months of scrutiny by both the House and Senate of the United States, the infrastructure bill is now officially the law of land.
On Monday, President Joe Biden signed a $1 trillion infrastructure bill in front of reporters, legislators, and union workers. The bipartisan legislation provides funding for major infrastructure projects such as roads, bridges and electric vehicle charging stations. However, the lawmakers also included language that could be used to address cryptocurrencies before it was passed in both chambers.
As it stands, the bill will tighten regulations for businesses that deal with cryptocurrencies and increase reporting requirements for brokers. The bill requires that all digital asset transactions exceeding $10,000 be reported to IRS. An amendment was originally proposed by a group of senators to clarify the requirements for crypto tax reporting. However, the proposal was not approved in August.
Many speakers addressed Democrats and Republicans, addressing them about bipartisanship and job creation. Biden thanked Senator Kyrsten Sinema, Rob Portman, and Minority Leader Mitch McConnell personally for their contributions to getting the legislation through Congress.
“For too long we’ve been talking about having the best economy worldwide. […] “Today, we are finally getting it done,” stated the U.S. president. America is moving again and your life will change for the better.
While the majority of senators supporting the effort to amend crypto language in the bill voted yay, Pat Toomey criticised the legislation for being “too costly, too expansive and unpaid for” and threatening the new cryptocurrency economy when it passed the Senate. He called the requirement for crypto tax reporting to be “unworkable”.
The infrastructure package that we voted for today is too costly, too large, and not enough paid for. It is not something I can support. My full statement: pic.twitter.com/IQPguSdkry
August 10, 2021 — Senator Pat Toomey (@SenToomey).
Although it is now difficult for any U.S. legislator to alter the content of the crypto reporting obligation — which is set to take effect in 2024 — others have taken the bill’s passage to call for action. Shannon Bray (Libertarian candidate for North Carolina’s Senate seat) encouraged voters to elect crypto-friendly representatives to fight implementation of the law.
Related: A crypto amendment to an infrastructure bill that contains 8 words is an ‘affront against the rule of law’
Biden signed the infrastructure bill, despite an apparent last-ditch effort made by Senators Ron Wyden (and Cynthia Lummis) to amend the tax reporting requirements to “not affect individuals developing blockchain technology or wallets.”