A huge infrastructure investment bill of 110 trillion yen passed in the US Senate, and the controversial 'cryptographic asset broker' debate has been carried over to the House of Representatives



On August 10, 2021, the US Senate passed a $ 1 trillion (about 110 trillion yen) infrastructure investment bill aimed at strengthening domestic infrastructure with a majority in favor. It was pointed out that the bill would shrink the crypto asset industry because the definition of 'broker', which is the reporting obligation of crypto asset transactions, is ambiguous, and bipartisan senators also submitted amendments. However, it passed the Senate without any correction.

How the $ 1 trillion infrastructure bill will direct billions toward tech spending
https://www.cnbc.com/2021/08/10/how-the-1-trillion-infrastructure-bill-will-direct-billions-toward-tech-spending.html

$ 1.2 Trillion Infrastructure Bill Passes Senate With Troubling Crypto Requirements – Regulation Bitcoin News
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Senate approves $ 1 trillion infrastructure package as crypto worries loom --The Verge
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The infrastructure investment bill, one of the Byden administration's flagship policies, will cost $ 1 trillion over five years to repair and expand equipment such as roads, bridges, water pipes, broadband internet connections, and charging stations for electric vehicles in the United States. To spend. Initially proposed in March 2021, it was planned to invest $ 2 trillion (about 220 trillion yen) in eight years, but the scale was reduced due to the opposition from Republican lawmakers.

In addition, the bill included a provision that requires businesses (brokers) involved in crypto asset transactions to report transaction information to the Internal Revenue Service, but because the definition of this broker is ambiguous, 'cryptocurrency' of a minor and software developers of the asset also becomes subject to mandatory ' pointed out had one after another. As a result, bipartisan lawmakers submitted an amendment to clarify the scope of the broker, but it was rejected.

A bipartisan amendment that limits the scope of 'crypto asset trading brokers' in the huge infrastructure bill is rejected --GIGAZINE



A resolution of the infrastructure investment bill, which had been deliberated in the Senate on July 28, was implemented on August 10, with 50 Democrats and 19 Republicans joining in favor, resulting in 69 to 30 votes. It was passed by a large number of supporters.

Opposition lawmakers have expressed disappointment that the provisions that define cryptocurrency brokers are still being debated in a way that can be broadly interpreted. Utah Senator Mike Lee told Congress on August 7, 'The bill will put a cold water on innovation in the crypto asset sector, which will lead to innovation and investment in innovation. , It will be leaked overseas. '

Texas Senator Ted Cruz also posted on Twitter: 'This bill includes a part aimed at extinguishing crypto assets. This is a tragic mistake.' increase.



Infrastructure investment bills that have passed the Senate will now be sent to the House of Representatives, which is adjourned until September 20th. In a letter to all members of the House of Representatives, Congressional Blockchain Caucus , a group of bipartisan members aiming to promote blockchain technology, said, 'If the provisions in question are left as they are, it will be a big investment in crypto assets in Japan. It will have an impact and lead to the outflow of innovation, 'he said, calling for a fix.

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