U.S. House Speaker Nancy Pelosi said that the infrastructure bill, which includes legislation for the crypto market, would be passed by Sept 27.
U.S. Speaker of the House Nancy Pelosi issued a statement on Aug 24, offering an update on the infrastructure bill. Pelosi pledged that the infrastructure bill would be passed by Sept 27. The Speaker seemed confident that the bill would pass by the given date.
The bill has made the headlines in the crypto space for its strengthening of crypto taxation, which would be used to partially finance the bill. It was met with immediate criticism from within the community and among experts. For example, some of the terms used in the legislation, such as ‘broker,’ were too broadly classified.
Crypto exchanges could also take a hit from the bill, which demanded stricter reporting requirements and harsher penalties. Decentralized exchanges (DEX) went unmentioned.
Three U.S. Senators opposed the wording of the legislation, saying that the definitions did not work for such a novel space. The Senators, led by Senator Toomey, offered an amendment, but that couldn’t be passed in time. House Representative Anna Eshoo also opposed the bill and called on Pelosi to amend the language.
The fact that the bill will be passing as is will likely be disappointing to investors, but there may be hope yet. The U.S. is currently in the midst of preparing what seems to be a broad framework for the crypto market. There is no indication that the nation will come up with strict laws and every indication that it will allow the market to operate within reason.
Crypto regulation incoming
Some in the industry have already vowed to fight the legislation and push for better regulation. Chief Legal Officer at tZERO, Alan Konevsky, said that the bill shows maturity but needs fixes. This is the sentiment most people hold.
But there is no doubt that regulators in the country are working towards a bill, as proved by the growing number of discussions. Senator Elizabeth Warren has called for regulation, though she is not a fan of cryptocurrencies herself. Treasury Secretary Janet Yellen has been slightly less overt about her disapproval of the market and has not suggested the use of draconian measures.
SEC Chairman Gary Gensler, meanwhile, finds himself in the middle of the whole debate. The SEC has much to do, whether it be approving the first bitcoin ETF or examining the definition of a security.
Cryptocurrencies are such a novel market that quick regulation isn’t likely. But all the signs point to some sort of initial framework this year. The U.S. government does not want to play catch up with the rest of the world and is accelerating efforts accordingly.
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