President Joe Biden signed the Infrastructure Investment and Jobs Act without considering the interests of the cryptocurrency sector.
The provisions include new definitions of the term “broker”. Expanded definitions oblige crypto market participants, node operators and miners to report information to the regulator on all crypto transactions worth more than $10,000. However, neither miners nor node operators have access to this data.
This issue has become the center of a high-profile battle in the Senate this summer. The amendment obliges every company, even indirectly related to cryptocurrency, to collect and transmit to regulators the names, addresses and transactions of clients.
Representatives of the crypto industry are concerned that without adjustment, the new law will stifle the development of the sphere in the United States and push businessmen to migrate abroad.
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