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‘Pernicious’ Reporting Clause Irks US Crypto Industry as House Votes on Infra Bill
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US Congress could finally approve or reject the much-maligned Infrastructure Bill today after the draft law was finally slated for a vote.
The ruling Democratic Party has a narrow eight-seat majority and will likely need a near-unanimous vote in favor with few or no abstentions for the measure to pass – with the Republican Party determined to derail the bill.
The draft law will be used to fund trillions of USD worth of public spending, but crypto advocates are concerned that key clauses in the bill unfairly target the crypto sector – chiefly the fact that the existing IRC Section 6050I clause of the tax code will be expanded to include the words “any digital asset.”
Introduced in 1984, Section 6050I calls upon businesses and individuals
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