The trillion-dollar package for new infrastructure investments in the United States has been approved by the House of Representatives and submitted to President Joe Biden for enactment.
After months of negotiations, the infrastructure package was approved by 228 votes to 206. Despite objections to the bill’s crypto provisions in recent months, the bill has not been amended.
The bill, approved by the US House of Representatives, includes strict rules for cryptocurrencies, as well as improving US transportation network and internet coverage.
If the bill is signed by Biden, new provisions regarding the crypto tax that will apply to all citizens will begin to apply.
Cryptocurrency holders will need to report all digital asset transactions in excess of $10,000 to the IRS. Failure to report crypto-related transactions and income to the IRS will be considered a tax offense by US citizens after the bill becomes law.
University of Virginia lecturer Abraham Sutherland said of the bill, “It’s not good for all digital asset users, especially bad for DeFi. “Since DeFi will not be banned completely, the bill imposes reporting requirements on DeFi that it cannot do.”
Coinbase CEO Brian Armstrong, who also expressed his concerns about the bill in August, said:
“The bill looks like a disaster. It can freeze many healthy crypto behaviors like DeFi.”