This infrastructure bill is full of pork….
So full of pork that even things like cryptocurrency regulation have found their way into the bill, and most crypto investors/enthusiasts were worried that these regulations would have devastating effects on cryptocurrencies as a whole.
This is a big problem for those who recognize that The U.S. Dollar is in trouble, and invest in cryptocurrencies as a hedge against inflation……inflation that has surged to record levels thanks to Biden’s reckless spending.
Investors can now lay those concerns to rest, as the newest reports claim that Biden and The IRS are not interested in levying these crushing regulations against crypto miners and validators—the very people who make these networks possible.
Let’s hope they keep their word…….
Here are the latest developments on the crypto regulations within the bill:
Biden’s infrastructure bill doesn’t undermine crypto’s bridge to the future
Some saw beneficial effects from the week’s legislative face-off. Still, “crypto and blockchain technology is at a significant moment.” pic.twitter.com/0P0oOHTQDC
— LIVECRYPTOO (@livecryptoo) August 13, 2021
Crypto-friendly House Democrats are plotting a long-shot bid to scale back digital currency tax rules tucked into President Joe Biden’s infrastructure plan, threatening to prolong a lobbying battle that snarled the legislation in the Senate https://t.co/XY6scGI0yF
— POLITICO (@politico) August 13, 2021
Decrypt had this to say:
If the recently passed Senate infrastructure bill is signed into law, it will legally change the definition of a broker for tax purposes to just about anyone who handles crypto assets.
That doesn’t mean U.S. regulators will interpret it that way.
The Treasury Department, which oversees the Internal Revenue Service and the Financial Crimes Enforcement Network among other bureaus, is gearing up to offer guidance that won’t require third parties who aren’t actually asset brokers to follow new crypto tax reporting rules, according to a report Friday.
Fix the language in your infrastructure bill regarding the crypto tax.
— Bud Fox (@ChrisRamon7) August 13, 2021
They want to tax the hell out of Crypto to obtain money for their infrastructure bill. Meanwhile the same people gets dirty bribery money annually! 7.2 Million for Zoom call speaking fees in one year! Yellen will not be here in 20 years yet ruins innovation for future generations pic.twitter.com/WuEWbU2b35
— LeapInvestor (@InvestorLeap) August 11, 2021
Effects of the recent developments were discussed in a piece by Coin Telegraph:
“The developments over the past week were massively positive,” Peter Hans, managing director at digital asset management firm Arca, told Cointelegraph, adding: “This is now firmly on the radar of Congress, which means they are starting to learn beyond the tired narratives of energy efficiency and ransomware payments.”
The industry still has to be on its guard, however, because the language in the bill is “broad enough to have the potential to be significantly damaging,” according to Matt Hougan, chief investment officer at crypto index fund provider Bitwise, told Cointelegraph. Even if is does not necessarily “guarantee a dire outcome,” he went on to add:
“Parts are vague and the worst ramifications are unlikely to hold up in court. But, interpreted in certain ways, it could indeed have significant consequences, stifle innovation and limit the growth of the industry in the U.S.”
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