Nothing is final yet corresponding to the infrastructure bill presented to Senate a few days ago. It is still being moved through the Senate, and nothing can be said if there will be a provision present in the final bill regarding the crypto industry. The Senate is currently working on this spending bill, but nothing is in the final stages. The tax reporting for cryptocurrency is also folded within the bill, and it could lead to the modification of these tax requirements, which can be a problem for crypto investors and traders.
The issues that will be reported with the help of this bill of the size $550 billion include the repairing of a bridge that collapsed in Minnesota and the water pipes that have gone bad by the inclusion of untreated water within the drinking water and the internet service that is severely affected especially within the rural areas of Kansas. The prospected amount, which is $550 billion, is being presented in the form of a bill within the Senate, and no one knows if this infrastructure bill will get accepted as it is or if some amendments were made to it by the Senate.
However, there is no such thing mentioned by the bill’s summary when it comes to the establishment of the crypto industry or anything like this. That is why there are speculations flying in the crypto market that the bill comes as a lethal response to the whole thing, and it could ‘kill’ the industry as we know it. If the infrastructure bill doesn’t have anything for the cryptocurrency space, what could one hope from a relief bill for crypto if it ever comes to that?
The bill has also proposed the idea that the taxes being paid by the crypto brokers and traders should be increased vigilantly to cover for the ineffectiveness of the crypto world and the uneasiness that it causes. This briefly hints at the idea that anyone who is associated with the crypto world in one way or the other will have to fill up the 1099 forms and meet specific IRS requirements if they want to continue with this business.