BREAKDOWN: Congress Shoves a Dangerous, Last-Minute $28B Crypto Provision Into the Infrastructure Bill

The bipartisan bill contains potential impacts to crypto intermediaries.

This episode is sponsored by NYDIG.

First, on the Brief:

  • U.S. growth last quarter performing under economists’ expectations
  • Robinhood’s subdued IPO debut
  • “Wild amounts” of capital going into crypto

In the main discussion, NLW addresses the specifics, reactions and potential impacts of a crypto provision within the Biden administration’s big infrastructure bill. A draft copy of the provision aims to raise $28 billion via a crypto tax, imposing new reporting requirements for a broad swath of crypto intermediaries.

Potentially, intermediaries from wallet developers to miners will be impacted by the provision. If this draft of the bill makes it to a vote, how will a tax scheme impact crypto development and adoption? Is this provision just a messy step in a positive U.S. government acceptance of crypto or a dangerous damping factor on progress?

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: rarrarorro/iStock/Getty Images, modified by CoinDesk.