Later today, the United States House of Representatives is expected to vote on the bipartisan Infrastructure Investment and Jobs Act of 2021, a bill authorizing sweeping investments in domains such as passenger rail, bridge repair, clean and wastewater facilities, clean energy transmission, and universal access to high-speed internet. Also tucked into the massive bill are several provisions that would directly affect millions of crypto users if enacted, particularly the expanded tax reporting requirements for entities handling cryptocurrency transactions.
Neither the bill becoming law nor even the Sept. 30 House vote on the bill is warranted. The legislation is working through Congress alongside the budget resolution bill, with several factions within the Democratic party — which controls the majority of seats in the chamber but needs a clean party-line for the initiative — conditioning their support of the infrastructure bill on certain social policy-related provisions being included in the budget reconciliation.