Even though crypto has long attained relevance as an independent political issue, at times it gets entangled with the broader dynamics of the political process. The notorious infrastructure bill — a major pillar of the Biden administration’s economic agenda — suddenly passed in the U.S. House last Friday despite congressional Democrats’ original agreement to vote on the party’s other legislative priorities first. Having passed 228 to 206, the bill is moving to President Biden’s desk. Along with authorization of massive spending on roads, bridges and broadband internet access, it carries a handful of consequential crypto-related provisions that remained unchanged since the crypto community had vocally protested its tacit addition to the bill.
Disheartening as it is, this setback is not irreversible: Crypto advocates haven’t yet exhausted the full range of tools available to challenge the contestable tax reporting and financial surveillance rules.