Congress passes a 1.2 trillion dollar infrastructure bill-crypto advocates criticize revised broker definition, tax law 6050I-Bitcoin News


Congress has passed bills aimed at improving infrastructure, addressing climate change, and strengthening social services in the Biden administration. The 1.2 trillion dollar infrastructure bill also expanded the definition of a broker, waiting for the signature of US President Joe Biden after being passed by a vote of 228-206 on Friday.

The bipartisan infrastructure bill passes $1.2 trillion

The bipartisan infrastructure bill has been a hot topic recently, and the bill on Friday Passed in Congress Now awaiting President Biden’s approval. After weeks of delay and debate, 13 Republicans joined the ranks of the vast majority of Democrats to help promote the proposal.

Bitcoin.com news Report Three days ago, the bill was reduced to 1.75 trillion U.S. dollars, and legislators once again reduced the figure to 1.2 trillion U.S. dollars.From the State Banquet Hall, Biden Famous Congress passed the bill and said with a smile: “Finally… Infrastructure Week.”

The 1,600-page proposal discusses incentives to combat climate change, provides “universal preschool childcare services”, and Fund allocation Free computer. estimate It is said that about 550 billion US dollars will be used to fight the so-called climate crisis in the United States.

US$47 billion will be spent on flooding, coastal and climate restoration, and US$39 billion will be spent on “transport modernization”. About US$5 billion will be spent on low-emission and zero-emission buses, US$110 billion will be spent on roads and bridges, and US$7.5 billion will be spent on electric vehicles and charging development.

Broad definition of broker, Section 6050I of the Tax Code

Now, it has increased by trillions at the same time Debt mountain It is not good for the United States to have it. Most cryptocurrency supporters are more concerned about cryptocurrency tax regulations.

The senator who helped draft the bill slipped in a clause change that said organizations that trade digital assets were treated as brokers. In fact, digital currency proponents worry that the definition of a broker is very broad, and crypto proponents believe that in addition to exchanges, software engineers and miners may also be targeted.

The way the bill is written, the main concern is Reporting requirements The Internal Revenue Service (IRS) will force all brokers to submit 1099 forms and declarations. In addition, there are concerns about the amendment to Article 6050I of the Tax Code, which essentially requires individuals and businesses that have received US$10,000 in cash or bank wire transfers to submit IRS Form 8300.

This form requires businesses and individuals to follow the Know Your Customer (KYC) procedures and record the sender’s name, address, and social security number. The 8300 form must also include detailed information about the reasons behind the funds.

Meltem Demirors: “Infrastructure Act is essentially anti-American”

Even after the bill passed in Congress, cryptocurrency supporters told their fellow Americans to call their representatives to fix the revised section 6050I.An encryption advocate Tweet:

Everyone in the cryptocurrency community must contact their members of Congress.A clause requiring them to oppose secretly joining [the] The Infrastructure Act will amend Section 6050I of the Tax Code, which will destroy the defi industry. It is very important that we kill it.

Coinshares CSO Meltem Demirors also complained about the passage of the bill. “This bill is unconstitutional and anti-American in nature. Private citizens have the right to financial privacy and financial freedom. It is absolutely shameful to see this,” Demirors Said.

President Biden called the bill “a once-in-a-lifetime” investment. “It puts us on the road to winning economic competition in the 21st century,” Biden explain.

What do you think of Congress passing the 1.2 trillion dollar infrastructure bill? Please tell us your thoughts on this topic in the comments section below.

Tags in this story

USD 1.2 trillion, Bitcoin, broker, Congress, Cryptocurrency, Digital assets, comminicate, House of Representatives, Infrastructure Act, Infrastructure package, Infrastructure Week, Internal Revenue Service, Joe Biden, key, Meltem Demirors, miner, President Biden, Change of terms, Section 6050I, senator, software engineer, Tax law

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