The bipartisan $ 1,000 billion infrastructure bill will be put to a vote on September 30 and the Speaker is confident that it will pass.
In a letter released by her office on Sunday, Pelosi said that there will be 4 days of debate before the legislation, which will help fund road, bridge, airport, school, and other construction projects gets voted on, according to Reuters.
“Tomorrow, September 27, we will begin the debate on the bipartite infrastructure framework on the floor of the House and we will vote on it on Thursday, September 30, the day the surface transport authorization expires. “
Cryptographic implications
Part of the bill includes a provision that requires mandatory tax reporting for any entity loosely connected to the crypto industry.
The bill was passed by the House in early August using the word “broker” to describe organizations and businesses such as software developers, node validators, stakes, miners, hardware manufacturers and portfolio providers.
If it passes with the wording unchanged, these entities would be forced to report transactions to the Internal Revenue Service, which aims to expand crypto taxation to raise an additional $28 billion in revenue.
Several senators, lawmakers and representatives, including Anna Eshoo, Cynthia Lummis, Ron Wyden and Pat Toomey, have lobbied House, arguing that the terminology is too broad and could stifle innovation.
In a letter to Pelosi on Aug. 12, Democratic Representative Anna Eshoo stated, “In the decentralized system of cryptocurrencies, these individuals and entities do not know who the buyers and sellers are and would be unable to comply with the broker requirements.”
There could be a far-reaching impact on the U.S. crypto industry and future blockchain innovation if this bill passes, forcing third-party developers to report to the IRS.
Another Delay Possible
The bill may be delayed further, however, as some lawmakers insist that it should be held back until a bigger measure is ready. A $ 3.5 trillion social protection and climate follow-up bill is also slated for discussion and vote.
The U.S. Treasury is running out of money following the unprecedented pandemic stimulus measures, and the government could be facing a default if Congress does not act.
For this reason, it is likely that the bill will pass regardless of any negative impact on the crypto industry or the potential exodus of technology companies from the United States.
