US Senate passes infrastructure law

The Senate of the United States approved, with 69 votes in favor and 30 against, the Infrastructure Law, opening the possibility of an investment of 1.2 trillion dollars in the public works of the nation. However, the document contemplates a provision that will have significant implications for the crypto industry.

In the approved Infrastructure Law project, they extend the requirements for tax declaration to companies that act as “brokers” of cryptocurrencies. This would apply to exchanges and other money service companies selling digital assets, but there is no clarity in the document to determine whether it will apply to cryptocurrency miners, validators, and software developers.

During the time of the discussion of the project, some senators proposed amendments without obtaining satisfactory results. Lawmakers Pat Toomey of the Pennsylvania State Republican Party and Cynthia Lummis, Republican of Wyoming, noted that a bipartisan agreement had been reached that would allow for an amendment that could satisfy the crypto lobby.

Senator Toomey requested the incorporation of this amendment in the document, by unanimous consent, but Congressman Richard Shelby opposed and the measure could not be considered.

Reactions from crypto lobbies and crypto industry non-profit organizations voiced their disagreement, stating that “the Infrastructure Act was clear and substantial damage to the oversight that these tax filing requirements could entail for cryptocurrency users.”

For their part, the four co-chairs of the Congressional Blockchain Committee also expressed their disagreement and through a note they indicated “their concern about the new tax declaration mandates”, stating that “the tax declaration of cryptocurrencies is important, but it must be done correctly.”

According to the established procedures, the approved bill will go on for discussion in the House of Representatives, which is scheduled for the fall season.

M. Rodríguez

Source: decrypt