With the passage of a bipartisan infrastructure bill worth $1 trillion in the U.S. Senate, which is known for implementing stricter rules on crypto businesses and expanding reporting requirements for brokers, leaders in the crypto industry continue to speak out. Billionaire investors and Bitcoin (Bitcoin) Supporter Mark Cuban is one of them.
Before the bill was officially passed in the Senate, the Cuban was interviewed by the Washington Post over the weekend painted The similarities between the growth of cryptocurrency and the rise of e-commerce and the Internet:
“Closing this growth engine is equivalent to stopping e-commerce in 1995 because people are afraid of credit card fraud. Or supervising the creation of websites because some people initially thought they were complicated and didn’t understand what they would achieve.”
He also argued in May, Crypto asset prices are becoming more and more reflective The real utility and demand will finally come when the cryptocurrency “matures to the point where we want to know how we live without it”.
On Tuesday morning, the U.S. Senate Passed the controversial bill by 69 votes to 30The main focus of the bill is to provide approximately $1 trillion in funding for roads, bridges, and major infrastructure projects.
However, the bill has attracted serious attention from the crypto ecosystem as it will implement stricter rules for crypto businesses, expand reporting requirements for brokers, and require digital assets worth more than $10,000 to be reported to the U.S. Internal Revenue Service (IRS) trade.
Senator Pat Toomey is one of the legislators drafting amendments to the infrastructure bill Exclude certain crypto companies Judging from the broker’s reporting requirements, the new legislation imposes “a serious flaw, in some cases an infeasible cryptocurrency tax reporting requirement, threatening future technological innovation.”