There have been rumors circulating that a massive infrastructure bill was underway. That rumor has now turned out to be true. The US house of representatives has passed a $1.2 trillion infrastructure bill that includes an oversight on crypto. The bill contains areas that gave us an insight as to how they will regulate cryptocurrency in the near future.
For example, it included a clause that expands the definition of a broker in the tax code to include, “any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.”
As the financial world continues to change, it’s obvious that new definitions will be needed on the different roles that the key players play.
In August, Republican representative Tom Emmer of Minnesota talked about the fact that the bill will include key players in the crypto space such as software developers or validators. Those two roles don’t fall within the scope of a “broker” in a traditional sense but might in the future. President Biden will soon sign off on the bill for approval after a 228-206 vote.
Despite the short-term concerns, it’s still a way to be integrated in society. It will come into effect around 2024. A lot can change by then as certain areas still need to be looked into.
