With the passing of the Infrastructure Bill, the United States is in a tumultuous time for cryptocurrencies. The crypto community expressed displeasure at the provisions made in the infrastructure Bill for cryptocurrencies. On a whole, it will make business operations more difficult for crypto firms. By introducing measures such as the requirement to report all digital asset transactions worth more than $10,000, the government has effectively crippled growth and innovation in the sector. Even before the bill passed, it was a subject of intense debate and discussion. When a group of senators tried to reform the bill before it was even presented to the Senate, their demands were squashed.
Now many people are looking up to Jerome Powell and Lael Brainard to bring about some amendments to the bill. However, it might be disappointing to expect a lot since these politicians are also concerned with their personal gains. In a roundabout manner, the rising inflation is benefiting both Powell and Brainard. Brainard might soon replace Powell as the next Fed chairperson. Many experts have spoken up against the inefficiency of the switch, citing the inherent fear of crypto among the so-called pro-crypto politicians as well.
In many news, the impending regulations will change the cryptocurrency landscape of the United States of America. Many feel that the only way out of it is through affirmative actions by pro-crypto regulators. However, the present states of things do not show much optimism in that regard.