Leaders in the crypto industry continue to speak up as the bipartisan $1-trillion infrastructure bill, known for implementing tighter rules on crypto businesses and expanding reporting requirements for brokers, passed the United States Senate. Billionaire investor and Bitcoin (BTC) proponent Mark Cuban is one of them.
Speaking to The Washington Post over the weekend, before the bill officially passed the Senate, Cuban drew a parallel between the growth of crypto to the rise of e-commerce and the internet in general:
“Shutting off this growth engine would be the equivalent of stopping e-commerce in 1995 because people were afraid of credit card fraud. Or regulating the creation of websites because some people initially thought they were complicated and didn’t understand what they would ever amount to.”
Cuban is a vocal advocate for crypto and decentralized finance. The Dallas Mavericks owner is known for enabling the Mavs to accept Bitcoin, Ether (ETH) and Dogecoin (DOGE) payments for tickets and merchandise items.
He also argued in May that crypto asset prices are increasingly reflective of real utility and demand and that the day will eventually come when crypto is “mature to the point we wondered how we ever lived without.”
On Tuesday morning, the U.S. Senate passed the controversial bill in a 69–30 vote. The bill’s main focus is roughly $1 trillion in funding for roads, bridges and major infrastructure projects.
However, the bill caused serious concerns in the crypto community, as it will implement tighter rules on crypto businesses, expand reporting requirements for brokers, and mandate that digital asset transactions worth more than $10,000 are reported to the Internal Revenue Service.
Senator Pat Toomey, who was among the lawmakers who have written an amendment to the infrastructure bill to exclude certain crypto companies from the reporting requirements for brokers, said the new legislation imposes “a badly flawed, and in some cases unworkable, cryptocurrency tax reporting mandate that threatens future technological innovation.”