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The U.S. Infrastructure Investment Bill (aka Infrastructure Bill), which includes a taxation plan for cryptocurrency businesses, passed the U.S. Senate by a 69 to 30 vote on August 10th. Although the market prices of major cryptocurrencies such as Bitcoin and Ethereum have not shown any significant changes so far, there seems to be no disagreement that this infrastructure law will have a clear impact on the market.
The US Infrastructure Investment Bill (Infrastructure Bill) is a bill promoted by the Biden government to finance large-scale infrastructure investments.
The Infrastructure Bill is a bill to supplement the performance of facilities through investment in infrastructure and to solve the unemployment rate that has risen in the aftermath of COVID-19 through job creation. This includes the expansion of the internet network. For those of us who are writing and reading, this measure is essential because the Infrastructure Bill is a taxable 'crypto brokerage firm (broker)' that requires that "all" kinds of stakeholders participating in cryptocurrency transactions be reported to the IRS' because it is included in the subject of taxation. The plan will be to enforced taxation to obtained $280 out of the $1.2 trillion budget needed for the bill.
Several U.S. senators decided that the Infrastructure Bill will not directly affect software developers and node operators (cryptocurrency miners), but stakeholders involved in a transaction may be had been taxed by mistake. Hence, a revised version was presented on August 4th. However, it was not accepted by the Senate because unanimous consent was not reached.
The Infrastructure Bill will now go to the House of Representatives for a vote. Many people have publicly expressed their views on infrastructure laws. Let's take a look at two representative opinions.
In an interview with The Street, Jim Cramer, a host of CNBC, an American economy broadcasting channel, spoke in favor of the result of the infrastructure law, said that the cryptocurrency industry needs more regulation. Without regulation, the industry is prone to collapse, he added.
In contrast to this, Mark Cuban, a famous investor, and owner of the Dallas Mabrix, a professional basketball team in the United States, recently opposed this infrastructure law in an interview with Washington Post. He pointed out that it is equivalent to removing cryptocurrencies 'growth engine', including Bitcoins. In particular, Cuban strongly criticized the regulation of the cryptocurrency industry under the Infrastructure Bill, saying that it is equivalent to banning e-commerce for fear of credit card fraud in 1995.
The impact of the U.S. on the global cryptocurrency market will be huge. However, if the U.S. government is concerned enough to include cryptocurrencies in its infrastructure law, it could be interpreted as the government considers cryptocurrencies as a financial option rather than just a scam. As the government has officially acknowledged the existence of cryptocurrency and announced it to the world, it is necessary to watch with interest to see what kind of change this infrastructure law will bring.
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