The US House of Representatives will debate 4 days before the vote to pass the Infrastructure Bill on September 30th

The $ 1 trillion bipartisan infrastructure bill is due to be voted on September 30th and the spokesman is confident it will pass.

In a letter announced On Sunday, Pelosi said there would be four days of debate before voting on the passing of the law to help fund roads, bridges, airports, schools and other construction projects.

“September 27th we will start the debate on the bipartisan infrastructure framework and vote on Thursday, September 30th.”

Effects on cryptocurrencies

Part of the bill includes a provision that will make tax reporting mandatory for all companies operating in the cryptocurrency industry.

The law passed in early August uses the word “broker” to describe organizations such as software developers, node validators, stakers, miners, hardware manufacturers and providers at the wallet level.

If it goes without wording, these companies will be forced to report transactions to the Internal Revenue Service, which aims to increase crypto taxation to an additional $ 28 billion.

Several senators, lawmakers, and delegates, including Anna Eshoo, Cynthia Lummis, Ron Wyden, and Pat Toomey, have lobbied, arguing that the term is too broad and could stifle innovation.

In a letter to Pelosi dated August 12, Democratic delegate Anna Eshoo stated:

“In the decentralized system of cryptocurrencies, these people and organizations do not know who the buyers and sellers are and cannot meet the broker’s requirements.”

(The US House of Representatives) May be delayed 

The bill could be delayed even further, however, as some lawmakers insist that it should be postponed until the $ 3.5 trillion Climate and Social Bill is passed.

The U.S. Treasury Department is running out of funds after unprecedented stimulus to a pandemic, and the government could face a default if Congress fails to act.

Because of this, the law is likely to pass regardless of the negative impact on the crypto industry or the potential brain drain of tech companies from the US.

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Annie

According to Cryptopotato

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