|

President Biden signs infrastructure bill into law, mandating broker reporting requirements

Crypto was absent from every speaker’s lips during the signing ceremony, with bipartisanship and jobs seeming to be the theme of the afternoon.

After months of scrutiny from both the United States Senate and House of Representatives, the infrastructure bill — criticized by many crypto advocates — is now officially the law of the land.

In a ceremony in front of the White House on Monday, President Joe Biden signed the $1 trillion infrastructure bill before an audience of reporters, lawmakers and union workers. While the bipartisan legislation is aimed at providing funding for roads, bridges, internet access, solar panels, electric vehicle charging stations and other major infrastructure projects, lawmakers included language applicable to cryptocurrencies prior to its passage in both chambers of Congress.

The bill as it was passed will implement tighter rules on businesses handling cryptocurrencies and expand the reporting requirements for brokers. The bill mandates that, going forward, digital asset transactions worth more than $10,000 be reported to the Internal Revenue Service. A group of senators originally proposed an amendment to the bill that would have clarified the crypto tax reporting requirements, but the proposal failed to get approval in August.

Bipartisanship and jobs seemed to be the theme of the afternoon, with many speakers addressing Democrats and Republicans working together to pass the bill. Biden personally thanked Senators Kyrsten Sinema and Rob Portman as well as Minority Leader Mitch McConnell for their roles in getting the legislation through the Senate. 

“For too long, we’ve talked about having the best economy in the world. [...] Today, we’re finally getting this done,” said the U.S. president. “America is moving again, and your life is going to change for the better.”

The majority of senators behind the effort to amend the crypto language in the bill ultimately voted yay, but Pat Toomey criticized the legislation as “too expensive, too expansive, too unpaid for and too threatening to the innovative cryptocurrency economy” when it passed in the Senate. He called out the crypto tax reporting requirement as possibly “unworkable.”

While it’s now difficult for any U.S. lawmaker to change the substance of the crypto reporting requirement — which is scheduled to go into effect starting in 2024 — others have used the bill’s passage as a call to action. Shannon Bray, a Libertarian candidate for one of North Carolina’s seats in the Senate, encouraged voters to “elect crypto-friendly representatives” seemingly to help fight the law’s implementation.

Biden signed the infrastructure bill despite a reported last-ditch effort by Senators Ron Wyden and Cynthia Lummis to change the tax reporting requirements to “not apply to individuals developing blockchain technology and wallets.” It’s unclear how the bill proposed by Wyden and Lummis would affect the current legislation on infrastructure, which had to pass through both the Senate and House before reaching the president’s desk.

Author

Cointelegraph Team

Cointelegraph Team

Cointelegraph

We are privileged enough to work with the best and brightest in Bitcoin.

More from Cointelegraph Team
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

XRP edges lower despite record on-chain activity and steady ETF inflows

Ripple is trading under pressure at the time of writing on Thursday, after bulls failed to break the short-term resistance at $2.22. The reversal may extend toward Monday’s low of $1.98, especially if risk-off sentiment persists in the broader cryptocurrency market.

Aster lags recovery as perpetual DEX releases new roadmap on infrastructure, utility and ecosystem 

Aster is consolidating above $1.05 at the time of writing on Thursday, reflecting lethargic sentiment in the broader cryptocurrency market. The token native to the perpetual Decentralised Exchange had recovered from Monday's low of $0.88 but stalled around $1.08 on Wednesday.

Hyperliquid Price Forecast: Bulls aim breakout as RSI and MACD flash buy signal

Hyperliquid struggles to surface above $35 as a local resistance trendline caps the two-day recovery run. Hyperliquid Strategies Inc. (PURR) transfered 12 million HYPE tokens to Hypercore and staked 425,000 tokens, which reflects confidence. 

Cardano builds recovery momentum as sentiment improves

Cardano is extending its recovery for the second consecutive day, trading at around $0.4400 at the time of writing on Thursday. If this recovery leg from Monday's $0.3707 level steadies in the coming days, Cardano bulls could push toward a bullish December.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: BTC steadies as data suggests local bottom

Bitcoin (BTC) hovers around $91,000 at the time of writing on Friday, extending its recovery by 5% so far this week. On the institutional front, a modest outflow from US-listed spot Bitcoin Exchange Traded Funds (ETFs) marks a slowdown from previous weeks and signals a reduction in selling pressure, further supporting BTC’s recovery.