Biden Approved The Controversial Cryptocurrency Bill!

US President Joe Biden has approved the controversial cryptocurrency bill. The trillion dollar infrastructure bill has officially become law.

US President Joe Biden signed the trillion-dollar infrastructure bill, which has been on the agenda of the cryptocurrency market for a long time and includes some articles on tax reporting of cryptocurrencies. Thus, the infrastructure bill was legalized. The bill passed the House of Representatives with 228 votes in favor against 206 votes against it in the past weeks before it was sent to Biden's desk for signature. This bill has been criticized by the actors in the cryptocurrency market, especially due to the scope of the definition of intermediary. Many actors in the market made a serious effort to ensure that the bill would not pass in this form both in the House of Representatives and in the Senate. Under the law, it is aimed to finance $28 billion of the $1.2 trillion that will be spent together with the tax to be collected from cryptocurrency transactions. The very broad definition of intermediary includes not only cryptocurrency exchanges, but also miners. It is also discussed that this broad scope will cause problems in compliance with the law. As Burak Tamaç stated in his article on the subject on Uzmancoin.com, the eyes are now turned to the IRS and other government institutions. It will be important how the tax-collecting agency, the IRS, interprets the clause in the law. It is also said that the US Treasury will be able to eliminate the uncertainty with the regulation to be published.