A few days ago, a new gigantic law was passed by the US Senate. The Infrastructure Act. This bill frees up $1 trillion to tackle major infrastructure projects.
The bill also includes additional regulations for cryptocurrencies. It is precisely these additional rules that are causing a lot of criticism of the law in the crypto community. According to some, this could limit innovation in the country, and compliance with certain regulations would simply be impossible.
Despite opposition and criticism, the law was passed by an overwhelming majority.
The Ministry of Finance reassures
According to Bloomberg, the U.S. Treasury Department is working hard to clarify certain unclear parts of the law regarding cryptocurrencies. This is intended to reassure crypto investors and the country’s tech sector.
One of the biggest ambiguities in the law is the term “broker”. Due to the vague wording of the law, it was not possible to say with certainty who or what is considered a broker. This also refers to brokers of the platforms Bitcoin Era and Immediate Edge.
The Ministry will soon officially announce that this classification only applies to companies or individuals that regularly provide services related to the transfer of digital assets on behalf of another person.
This means that miners, developers and investors don’t have to worry about regulations that are impossible to comply with. Next week, the ministry is due to issue an official announcement on the matter, according to Bloomberg.
Of course, the law will not come into force for the time being. The bill must first pass the U.S. House of Representatives. Adjustments to the law can still be made there. According to some members of Congress, many of them support some changes to the crypto part of the law.
Sarah has been working in the field of crypto news for several years. She writes as a freelance author for various trade magazines on blockchain, bitcoin and altcoins. She also has a professional background in finance with a focus on investment and new forms of financing.