How does crypto fit into the infrastructure bill passed in Senate Tuesday?

0
178
WASHINGTON — What does Bitcoin have to do with roads and bridges?

A lot right now in the U.S. Congress. One way lawmakers propose to pay for the $1 trillion infrastructure bill the Senate approved Tuesday is by imposing tax-reporting requirements for cryptocurrency brokers, the way stockbrokers report their customers’ sales to the IRS. It could open the way for tighter regulation of cryptocurrency – something the Biden administration is moving toward as it also pushes for tax compliance.

The plan could raise about $28 billion in revenue over 10 years, congressional accountants estimate.

The $28 billion could get stretched very quickly. Take bridges, for example. It would cost an estimated $25.6 billion to replace all the bridges in the country that are classified as structurally deficient, according to the Federal Highway Administration.

So, currency you can’t hold in your hand would effectively pay for roads, bridges, water systems,…

Read full article at abc13.com