Bitcoin Walks Sideways as US Congress Passes Controversial Infrastructure Bill


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US President Joe Biden said:

I’m very happy to say it’s Infrastructure Week.

However, the Bitcoin community does not share its sentiments with Mr. President and fears that this will hurt the crypto industry.

The US Congress has just passed legislation that could change the way Americans think about Bitcoin and the cryptocurrency industry.

The approval of the infamous infrastructure bill, which received a final vote of 226 to 206, is a contentious moment for the fledgling industry.

If the bill is signed into law by US President Joe Biden, most US-registered crypto companies — such as Coinbase, Kraken, or even American-developed DEX — would be considered intermediaries and would have to report their transactions to the IRS.

This will require cryptocurrency traders to file a 1099 form with the IRS.

US crypto companies will also have to disclose the names and addresses of customers.

Because of its nature, many crypto companies have expressed concerns that the bill could affect a wide range of operators, including miners, dApp developers, trading platforms, custodians, and even digital wallet providers.

political challenge:

Joe Biden said approval of the bill was a huge step forward as a country, mainly because it needed Republican votes in order to get it approved.

It was approved thanks to an intense discussion.

The votes have followed the political lines of the parties.

Most Democrats voted in favor of the president’s proposal.

On the other hand, most Republicans voted against the Democratic president’s ideas.

As for the old grand party, 13 Republicans voted in favor of the motion, a move that cemented a victory for supporters of the infrastructure bill.

Impact on Bitcoin Price:

Bitcoin price has not reacted very strongly either to the upside or to the downside despite the potential effects of the news.

After reaching a new all-time high at around $67K, the bitcoin price fell towards $56.425.

Since then, it has recovered and started moving in a sideways channel, without much strength in the short term.

The passage of the law did not change this behavior.

Waiting for what will happen in the near future.

Read also:

Binance Coin is approaching an all-time high…What are the reasons behind its rise?

4% of Americans quit their jobs after earning money from investing in crypto

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