{"id":139914,"date":"2021-09-27T13:10:42","date_gmt":"2021-09-27T13:10:42","guid":{"rendered":"https:\/\/precoinnews.com\/?p=139914"},"modified":"2021-09-27T13:10:42","modified_gmt":"2021-09-27T13:10:42","slug":"u-s-authorities-set-to-pass-controversial-1-2-trillion-infrastructure-bill","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/u-s-authorities-set-to-pass-controversial-1-2-trillion-infrastructure-bill\/","title":{"rendered":"U.S. Authorities Set to Pass Controversial $1.2 Trillion Infrastructure Bill"},"content":{"rendered":"
The United States House of Representatives Speaker Nancy Pelosi says she\u2019s optimistic that the highly controversial over $1 trillion infrastructure bill, which is expected to slap stricter taxation reporting requirements on crypto market participants, will be passed this week, according to a Reuters<\/em> report on September 26, 2021.<\/strong><\/p>\n Having previously gained the support of Republican and Democratic party Senators, the highly controversial infrastructure bill, which has received serious criticisms from pro-crypto politicians and heavy hitters in the nation\u2019s blockchain technology ecosystem so far, will be presented to the House of Representatives by Speaker Nancy Pelosi this week.<\/span><\/p>\n \u201cYou cannot choose the date, you have to go when you have the votes in a reasonable time and we will. I\u2019m never bringing a bill to the floor that doesn’t have the votes. Let me say that we\u2019re going to pass the bill this week,\u201d she said.<\/strong><\/p>\n<\/blockquote>\n In late June 2021, President Joe Biden <\/span>announced<\/span> support for the $1.2 trillion Infrastructure Framework, which is designed to invest heavily in the country\u2019s public infrastructure, transportation, clean water, healthcare, and more.<\/span><\/p>\n While U.S. authorities have described the Bipartisan Infrastructure Framework as a long-term investment that would make the American economy more sustainable, resilient, and just, its success could however have dire consequences for the U.S digital currency industry.<\/span><\/p>\n In its initial form, the bill required crypto-related businesses (\u201cbrokers\u201d) including validators, miners, software manufacturers, peer-to-peer marketplaces, and others to provide exact details of their customers\u2019 crypto transactions to the Internal Revenue Service (IRS) in addition to reporting transactions worth more than $10k to the taxman.<\/span><\/p>\n At the time, the Joint Committee on Taxation estimated that the stricter crypto reporting requirements would generate a massive $28 billion revenue which could fund at least five percent of the bill.<\/span><\/p>\n While some pro-crypto Senators including Cynthia Lumis, Pat Toomey, Rob Portman, Mark Warner, Kyrsten Sinema, and Ron Wyden, formulated an <\/span>amendment<\/span> to the bill, the amendment, however, was not added to the legislation due to a push back from Alabama’s Senator Richard Shelby.<\/span><\/p>\n Though experts say the lawmakers can still amend the bill as it concerns crypto, before it gets signed into law by President Joe Biden, Senator Ted Cruz has <\/span>described<\/span> the bill as a reckless and harmful piece of legislation for the country\u2019s burgeoning crypto space.<\/span><\/p>\n<\/span>Infrastructure Bill to Move Ahead<\/strong><\/span><\/h2>\n
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<\/span>A Lost Battle?<\/strong><\/span><\/h2>\n
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