{"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

<\/span>Infrastructure Bill to Move Ahead<\/strong><\/span><\/h2>\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

\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

<\/span>A Lost Battle?<\/strong><\/span><\/h2>\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>Related posts:<\/span><\/h3>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The United States House of Representatives Speaker<\/p>\n","protected":false},"author":3,"featured_media":139913,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nU.S. Authorities Set to Pass Controversial $1.2 Trillion Infrastructure Bill - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/u-s-authorities-set-to-pass-controversial-1-2-trillion-infrastructure-bill\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. Authorities Set to Pass Controversial $1.2 Trillion Infrastructure Bill - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"The United States House of Representatives Speaker\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/u-s-authorities-set-to-pass-controversial-1-2-trillion-infrastructure-bill\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-27T13:10:42+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/09\/U.S.-Authorities-Set-to-Pass-Controversial-1.2-Trillion-Infrastructure-Bill-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/u-s-authorities-set-to-pass-controversial-1-2-trillion-infrastructure-bill\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/u-s-authorities-set-to-pass-controversial-1-2-trillion-infrastructure-bill\/\",\"name\":\"U.S. Authorities Set to Pass Controversial $1.2 Trillion Infrastructure Bill - 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