Nancy Pelosi announced that the House of Representatives will vote on Thursday, September 30, on whether to pass the Biden administration’s $1 trillion infrastructure bill.
There will be four days of debate before the bill is voted on
In a letter released by her office on Sunday, Pelosi said there will be four days of debate before the vote on the bill, which would fund road, bridge, airport, school, and other construction projects.
While the bill passed the Senate on August 10 with bipartisan support, it contained provisions that would impact the crypto industry. Because of this, many Americans active in the crypto space used their “public outcry” and nearly 80,000 people contacted their senators within days of the bill’s announcement.
How could the infrastructure bill affect the crypto industry?
The bill, which passed the House of Representatives in early August, uses the word “broker” to describe organizations and companies such as software developers, node validators, stakers, miners, hardware manufacturers, and wallet providers. There could be far-reaching consequences for the U.S. crypto industry and future blockchain innovation if this bill passes and third-party developers are required to report to IRS.
The goal is to expand the taxation of cryptocurrencies to raise an additional $28 billion in revenue. However, Senator Pat Toomey has introduced an amendment that has received bipartisan support from Senators Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema, and Ron Wyden that seeks to exempt validators, developers and node operators from the law.
The bill could be delayed further as some lawmakers insist it should be held back until a broader measure is ready. Another $3.5 trillion social welfare and climate policy bill is also up for debate and a vote, with the second bill’s price tag worrying some Democrats.