2021 has been the most pivotal year for cryptocurrency and blockchain. Unsurprisingly, the interest was palpable in the corridors and meetings at the US Capitol in the form of several hearings and bills it presented this year.
According to data compiled by business magazine Forbes, the United States Congress proposed 35 crypto-related bills in 2021, most of them focusing on tightening regulations, investor protection, and blockchain technological development.
The bill that grabbed the most attention this year was the Infrastructure and Investment Jobs Act, nicknamed the $1.2 trillion Bipartisan Infrastructure Bill. While the bill itself was not focused on crypto assets, it included a crypto tax provision that aimed to generate a whopping $28 billion in crypto taxes to fund infrastructure development.
The infrastructure bill, which has now been enacted into law, was largely condemned by the crypto community in the United States due to its definition of ‘Broker’ under the crypto tax provision.
According to the law, crypto Brokers are required to report the tax information of users to the US taxation authorities. However, the definition was regarded as ‘too-broad’, and included miners, validators, and developers who had no way to crypto taxes to the IRS. Thereafter, several bills were introduced to amend the definition, but to no avail.
Several other bills gained prominence this year, including the Consumer Safety Technology Act, which was passed by the House of Representatives, Eliminate Barriers To Innovation Act, which is currently sitting at the Senate Banking Committee, and the Ransom Disclosure Act.