President Biden’s $1 Trillion infrastructure bill is on track to be passed by the end of October, and included in it were some frightful provisions regarding the #crypto industry. The legislation proposed that all crypto “brokers” report all transactions to the government, which is a fair rule to make.
Unfortunately, the description of brokers was so vague that it included any person providing any type of digital transfer or service. Transactions for Bitcoin and most leading cryptocurrencies are already available publicly via the blockchain, and the passing of this bill without amendment could have very negative effects on the future of crypto in the U.S.
Many influential figures, including billionaire Mark Cuban, have spoken out against the bill. While the future of crypto is still uncertain, government acceptance and regulation is a necessity for full adoption, and as the saying goes, “any publicity is good publicity”.
