The recently passed Infrastructure Bill has been a subject of immediate controversy. Many key public figures have spoken against its blatant anti-crypto policy. The bill makes it mandatory to report any digital asset transaction worth more than $10,000. With such a low price cap, it will be very difficult for crypto entrepreneurs to successfully carry out business. For the most part, the bill made it more difficult for crypto firms to conduct businesses imposing strict and complicated regulations. Some experts have since warned of a potential clampdown of Bitcoin by the government.
Senator Ron Wyden and Cynthia Lummis have been at the forefront of amendments to the bill. While all attempts to add provisions for cryptocurrency were earlier dismissed, this time, a retrospective approach seems to be more promising. Senators Wyden and Lummis have taken all possible actions to amend the section of the bill that concerns taxation. As the present law stands, it will be very difficult to assess taxation and determine the right rate. Experts have also spoken against mandatory reporting and the negative effect it will have on the all-around growth of the sector.
Whether the Infrastructure Bill goes through amendments or not is still uncertain. However, affirmative actions from pro-crypto senators have shown the crypto community light at the end of the tunnel. With its current political atmosphere, companies will find it very difficult to go through regulations unless a pro-crypto leader stands up for the cause and introduces change.
