US House of Representatives adopts $1.2 trillion infrastructure bill, what’s next?
The US House of Representatives voted to pass a $1.2 trillion infrastructure plan without amendments in favor of representatives of the crypto industry.
Votes were divided 228 against 206. The document was sent for signature to US President Joe Biden.
Executive director of Coin Center Jerry Brito explained that the cryptocurrency regulations will go into effect on January 1, 2024. The Senate will work on a second major spending bill that could include an amendment, he said.
2 / It & # 39; s important to note that the crypto provisions will not take effect until Jan. 1, 2024, so there is time to roll back this law before it affects anyone. So what can we do?& mdash; Jerry Brito (@jerrybrito) November 6, 2021
Brito noted that the fight is not over, and the community has "several paths" to rectify the situation. He pointed to the broad interpretation of the definition of "broker" and noted that the Ministry of Finance will "decide who it will apply requirements to."
4 / Second, we & # 39; ve been working with several members of the House to introduce stand-alone bills to amend the new crypto tax reporting provisions. We would have over two years to get these passed.& mdash; Jerry Brito (@jerrybrito) November 6, 2021
6/ Finally, we believe that some aspects of the law (like the §6050I individual reporting requirement) are unconstitutional. If they are not fixed by later legislation we will mount a court challenge. Onward!— Jerry Brito (@jerrybrito) November 6, 2021
Earlier on August 10, the Senate voted in favor of a bipartisan plan providing for the allocation of $1 trillion for the construction of roads, bridges, airports, schools and other facilities. The document involves attracting additional financing in the form of taxes from operations with cryptocurrencies in the amount of $28 billion.
Despite the efforts of some senators, the amendment regarding the definition of "broker" has not received unanimous support. Thus, the expanded definition of “broker” obliges miners, node operators, wallet developers, liquidity providers in DeFi protocols and other non-custodian players to report to the tax authorities on user transactions.
1/ The bad news is that the amendment did not receive unanimous consent, so it will not make it into the bill.— Jerry Brito (@jerrybrito) August 9, 2021
The good news is we’re not giving up. Next stop is the House where we can try to get a whole new amendment from scratch that can address all our concerns.
However, CNBC, citing an official from The US Treasury Department, reported that the Treasury does not intend to broadly interpret the definition of "broker" to industry participants.