President Biden Signed the Infrastructure Bill

by in Cryptocurrency News

Joe Biden signed infrastructure bill

The US president Joe Biden signed a $1.2 trillion infrastructure bill that includes crypto regulation rules. According to the new law, digital currency transactions exceeding $10.000, must be reported to the Internal Revenue Service.

Related: Armstrong and Musk Are Against the Proposed Crypto Bill

The bill was first introduced in August this year, stating that businesses that deliver crypto brokerage services should present reports and be taxed. However, the bill doesn't clarify what organizations are considered brokers. Also, it may change the private nature of transactions as it requires the recipients of over $10.000 to provide more details, including their social security number.

Although a group of senators proposed amendments, they weren't accepted.

The bill will enter into force in 2024.

Tyler Winklevoss, the co-founder of the Gemini crypto exchange, called the deal "another trillion-dollar advertisement for Bitcoin".

The US regulators continue considering ways to supervise the crypto industry. There are various approaches to the question. Many crypto businesses agree to follow the rules if they are clarified.

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Tesla CEO Elon Musk finds that the US government shouldn't regulate the sector as thus it will slow down its evolution.