The Biden administration’s Infrastructure Bill, which includes more oppressive legislation for the cryptocurrencies market, as well as spying on the bank accounts of most US citizens, will pass by September 27, according to House Speaker Nancy Pelosi.
In a statement late last month, the House speaker said that the infrastructure bill would pass by September 27. But the bill has some issues that are yet to be ironed out, such as the crypto regulation.
The crypto regulation in the bill has been met with criticism, with most critics pointing out its definitions are open to misinterpretation. The highlight of the regulation is the introduction of crypto taxation, which will be used to partially finance the massive budget Democrats are proposing. But crypto experts have pointed out that the term “broker,” as used in the legislation, is too broadly defined and could be used as an attempt to crush decentralization and the censorship-free world it offers.
The bill will also introduce stricter reporting requirements and harsher penalties for crypto exchanges. But it does not mention decentralized exchanges (DEX).
A few lawmakers, including Sen. Pat Toomey (R-PA), proposed amendments to the wording in the legislation. However, the proposed amendments, which would have protected decentralized finance startups and projects, did not pass in time.
That the infrastructure bill might pass with the original wording in the crypto legislation is disappointing to investors and those that support decentralized finance.
