The Crypto Industry Isn’t Too Thrilled About Biden’s Big Policy Moves

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The U.S. House of Representatives voted to pass the infrastructure bill that contained a provision that shook the crypto world. Financial regulators called on Congress to regulate stablecoins. In other words, crypto had a big week in Washington, D.C.

The U.S. House of Representatives voted in favor of the bipartisan infrastructure bill that contains two controversial crypto tax provisions, despite the ardent lobbying of crypto advocates who warned the provision would be terrible for crypto in the U.S. The bill passed the Senate without amendments back in August.

Why it matters

The Biden administration’s $1 trillion infrastructure bill contains a crypto reporting provision that appears to broaden the definition of a “broker” to potentially include crypto miners and developers, which would make compliance difficult, if not impossible. Another provision in the bill could make digital asset transactions – from purchasing cryptocurrencies to trading non-fungible tokens (NFT) – a felony if not reported correctly. Crypto proponents fear this could all be very problematic for the industry in the U.S., and could even push innovation offshore.

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