What impact will the infrastructure bill 2024 have on the crypto industry?

3 answers

• Dec 17, 2021 · 3 years ago
  The infrastructure bill 2024 could have a significant impact on the crypto industry. One of the key provisions in the bill is the requirement for cryptocurrency brokers and exchanges to report transactions to the IRS. This could lead to increased scrutiny and regulation of the crypto market, potentially affecting privacy and anonymity. Additionally, the bill proposes to expand the definition of a broker to include decentralized exchanges and software developers, which could impose new compliance requirements on a wide range of crypto businesses. Overall, the bill's regulations could create both challenges and opportunities for the crypto industry.
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• Dec 17, 2021 · 3 years ago
  The infrastructure bill 2024 is expected to bring more clarity and regulatory oversight to the crypto industry. By requiring reporting of cryptocurrency transactions, the bill aims to address concerns around tax evasion and money laundering. While this may increase compliance costs for crypto businesses, it could also enhance the legitimacy and trustworthiness of the industry in the eyes of regulators and traditional financial institutions. However, it remains to be seen how the bill's provisions will be implemented and whether they strike the right balance between regulation and innovation.
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• Dec 17, 2021 · 3 years ago
  As a leading digital currency exchange, BYDFi believes that the infrastructure bill 2024 will have a mixed impact on the crypto industry. While the increased regulation may create some short-term challenges, it also presents an opportunity for the industry to demonstrate its commitment to compliance and consumer protection. The bill's provisions could help weed out bad actors and promote the growth of a more mature and secure crypto market. However, it is important for regulators to strike the right balance and avoid stifling innovation and technological advancements in the industry.
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