The government wanted to improve the network and internet coverage. The bill was proposed by the Biden administration.
The United States House of Representatives just passed a $1.2 trillion bill to improve the nation’s infrastructure. The bill would require all citizens to report their crypto-taxes if President Joe Biden signs it into law.
The infrastructure bill was first proposed when Joe Biden was the president. It would mainly improve the national transport network and internet coverage. The bill also had a rule about transactions of digital assets. It required that anyone who has a transaction worth more than $10,000 report it to the IRS.
A bill was approved by the Senate. The votes were 69-30. But some senators said they wanted to compromise. The senators are Pat Toomey, Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema, and Ron Wyden.
The legislation has a lot of problems. It makes it hard for people to use cryptocurrency and do things like pay taxes, which is bad.
The bill for the infrastructure is unclear, but it seems that it will be treating people who are involved in cryptocurrencies similar to those who are working at traditional institutions.
The House of Representatives passed the controversial infrastructure bill to President Biden. The House got 228 votes. They cannot change the law. There are people who are worried about this law because it is not clear what it means for them, so they have started a discussion about this law on their website called Reddit.
this bill is unconstitutional and inherently anti-American
private citizens have the right to financial privacy and financial freedom
absolutely shameful to see this https://t.co/O9FkVC2CF4
— Meltem Demir◎rs (@Melt_Dem) November 4, 2021
As a result, the inability to disclose crypto-related earnings will be treated as a violation of tax law and could be considered a felony.
Legal experts wanted changes to the infrastructure bill. They wanted to make it illegal not to report digital asset transactions.
Some people are worried about the United States government’s decision to call crypto-communities brokers. Abraham Sutherland, a teacher at U.Va., said that he has concerns about this decision.
This law is bad for all people with digital assets, but it would be especially bad for people who use decentralized finance. The law wouldn’t stop these people from doing something, but it would make things difficult to comply with.
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