The infrastructure package, which includes laws for the crypto market, will be passed by the end of September, according to US House Speaker Nancy Pelosi.
On August 24, House Speaker Nancy Pelosi gave a statement providing an update on the infrastructure package. Pelosi stated that the infrastructure bill would be passed by the 27th of September. The Speaker appeared to be optimistic that the bill would be passed by the deadline.
The bill, which requires stronger reporting standards and stiffer punishments, might also hurt cryptocurrency exchanges. DEXs (decentralized exchanges) were not discussed.
Three US Senators objected to the bill’s text, claiming that the definitions were inadequate for such a unique space. Senators led by Senator Toomey proposed an amendment, however it was not voted on in time. Representative Anna Eshoo, a Democrat from California, is likewise opposed to the bill and has asked Pelosi to change the text.
The fact that the law will pass in its current form will certainly disappoint investors, but there is still hope. The United States is now preparing what appears to be a wide framework for the cryptocurrency market. There is no sign that the country will enact severe legislation, but there is every indication that it will allow the market to function within reasonable bounds.
Regulation of cryptocurrency is on the way.
Some in the sector have already stated that they will fight the bill and strive for more regulation. Alan Konevsky, Tezos’ legal director, said the measure is mature but needs work. This is how the majority of people feel.
However, as seen by the increasing number of debates, regulators in the country are working on a bill. Senator Elizabeth Warren, who is not a fan of cryptocurrencies, has urged for regulation. Treasury Secretary Janet Yellen has been more subdued in her criticism of the market and has refrained from suggesting punitive actions.
Meanwhile, SEC Chairman Gary Gensler finds himself in the heart of the argument. Whether it’s licensing the first bitcoin ETF or investigating the definition of a security, the SEC has a lot on its plate.
Because cryptocurrencies are such a new business, they are unlikely to be regulated quickly. However, all indications are that some form of preliminary framework will be established this year. The US government does not want to fall behind the rest of the globe, therefore it is stepping up its efforts.