US Congress names date for vote on infrastructure plan

October 6, 2021

US Congress names date for vote on infrastructure plan

US House Speaker Nancy Pelosi has set a final vote on the infrastructure bill for Thursday, September 30, and expressed confidence in its passage. This was reported by Reuters.

Debates on the document will start on Monday, September 27, she specified.

On August 10, the Senate voted in favour of the bipartisan plan, which would provide $1 trillion to build roads, bridges, airports, schools and other facilities. The bill would raise an additional $28 billion in taxes from cryptocurrency transactions.

The document was criticised in the community for an expansive definition of "broker" that encompasses virtually all entities in the industry. Under its norms, miners and node operators, wallet developers, liquidity providers in DeFi-protocols and other non-custodial players could be required to report to the tax authority on user transactions.

During the discussion of the bill, Democratic Senators Ron Wyden, Cynthia Lummis and Pat Toomey proposed excluding these activities from the document and not extending to them the rules applicable to brokers.

Republican Rob Portman agreed, but countered with an amendment that would only exclude miners and sellers of hardware or software that allows individuals to control private keys.

On August 9, representatives from both parties and the Treasury Department reached a compromise, but the amendment did not receive the necessary unanimous support. The bill went to the lower house of Congress in its original form.

The House of Representatives called for changes to the document. On August 24, the congressmen voted for the bill without any amendments.

The Finance Ministry assured that it does not intend to broadly interpret the concept of "broker" in relation to industry participants. The agency also promised to publish guidance on the taxation of cryptocurrencies and clarify reporting requirements.

As a reminder, the community was concerned about another amendment to the infrastructure plan, which would require recipients of digital assets over $10,000 to verify the sender's personal information.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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