To say that the Infrastructure bill has investors feeling uneasy would be an understatement…..
The massive infrastructure bills are full of pork, and needless spending, which is being opposed by almost every Republican, and 2 notable Democrats: Joe Manchin and Kyrsten Sinema.
The White House appears to be in an extremely tight negotiating spot with nowhere to go—they won’t be able to pass either of the bills in their current form.
Concessions no doubt have to be made, and lower taxes are reportedly a part of those necessary cuts to get the legislation to pass and become law.
Meanwhile, The S.E.C. is still being dodgy about the status of digital assets like Bitcoin and Ether.
With a lot of uncertainty in the air over the coming weeks, many investors are no doubt feeling spooked, although the market recently saw some retracement of value from the previous market low.
Here are some of the focal points of uncertainty over the next several weeks:
The so-called bipartisan infrastructure bill contains a provision that could put Americans up to five years in jail for failing to report receipt of cryptocurrency assets. https://t.co/4dMjsogDTW
— Breitbart News (@BreitbartNews) September 29, 2021
The US infrastructure bill could have a lasting impact on DeFi users. Language in the bill would have anyone participating in DeFi designated as brokers says @MessariCrypto founder @twobitidiot. https://t.co/GrvMIlcjtb
— Cointelegraph (@Cointelegraph) October 2, 2021
The Block Crypto reports on the status of the regulatory bills:
The Block has reported extensively on the crypto taxation provisions embedded in both the Infrastructure Investment and Jobs Act and the Build Back Better Act.
Democrats in Congress are readying to pare down their spending wishlist — and the White House has quietly assented to somewhere between $1.9 and $2.3 trillion for Build Back Better. There is, however, little discussion of reducing the taxation components of these bills.
"Technical education will help policymakers see how absurd these poorly drafted bills are.”
— Edge & Node (@edgeandnode) October 4, 2021
— Tom Emmer (@RepTomEmmer) October 5, 2021
The unknown regulatory status of cryptocurrencies was highlighted by U Today:
I’m not going to get into any one token, but I think that the securities laws are quite clear.
Earlier today, McHenry, one of the most influential Republicans on the Financial Services Committee, introduced a bill that would exempt developers from complying with certain securities laws when raising money through token sales.
Gensler has once again emphasized that most of the cryptocurrencies are “investment vehicles”:
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