The Infrastructure Bill, which passed the US Senate in August contains another very problematic paragraph.
In August, the Infrasturcture Bill caused concern in the cryptocurrency community, mainly from the perspective of the cryptocurrency market makers themselves. The law, within the definition of the term “broker”, included under its wings not only cryptocurrency exchanges, but also BTC miners, Proof of stake blockchain validators or blockchain application software developers. This means that its rules would have to be followed by those entities that do not have the ability to comply with the law, because its wording states that the entities must report information about users who use its technology. However, in the case of miners, validators and developers, this is impossible.
The law passed the House of Representatives unchanged, despite strong criticism from cryptolobists, which were supported by more American senators in their struggle. It should be approved during the autumn, but without an amendment to optimize the definition of “broker” so as not to undermine the cryptocurrency market. Lobbyists still hope that they will be able to push the amendment into law in the House of Representatives, but the chances are rather small.
Problem number 2
While the cryptocurrency problem mentioned so far has concerned “market makers” – from exchanges to developers, miners and validators, another addition that has been overlooked so far (the whole law has more than 2,700 pages) raises concerns among ordinary cryptocurrency owners.
It noticed the problematic part Proof of Stake Alliance, a law, which includes, for example, Coinbase Custody or cryptocurrency Solana Labs. The overlooked section, which may eventually be part of the Infrastructure Bill, can affect virtually any cryptocurrency owner in the United States.
In fact, if they passed the House of Representatives in such a wording, they would be obliged to notify the US government that they own cryptocurrencies when their total value exceeds $ 10,000. If they did not do so within 15 days of their cryptocurrencies entering such a market price, they would cause a crime.
This addition could set off a new wave of debate across the American political spectrum. The Infrastructure Bill is a law that is to bring billions of dollars into the US budget through taxes to be used this decade to build new roads or schools across the United States. However, it is so large that it also affects the cryptocurrency market, with growing fears that its unfortunate formulations could significantly undermine this young market in the United States. It would draw mainly from abroad, where crypto-brand companies would have to relocate due to inability to comply with American law.