Mark Cuban, a proponent of Bitcoin, is undoubtedly unhappy with the new infrastructure bill’s stricter regulations for crypto businesses.
Mark Cuban Unhappy
Senate passes a $1 trillion infrastructure plan, which tightens crypto regulations and expands reporting requirements for brokers. Investor and Bitcoin (BTC) proponent Mark Cuban is one of such entrepreneurs.
Cuban drew a connection between the expansion of crypto and the emergence 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’s Crypto Support
He is a massive supporter of cryptocurrency and decentralized finance. It is common knowledge that the Dallas Mavericks’ owner takes BTC, ETH as payment for tickets and goods.
In May, he claimed that crypto asset values are reflecting actual usefulness and demand more and more. The day would come when crypto is “mature to the point that we wonder how we ever lived without it.”
The New Bill Passed
The U.S. Senate passed the controversial law on Tuesday morning by a vote of 69 to 30. Roads, bridges, and other significant infrastructure projects are the primary emphasis of the measure. This includes financing of around $1 trillion.
Many crypto firms were concerned about the bill’s implementation. It would impose stricter regulations on crypto enterprises and compel brokers to report transactions worth more than $10,000 to the Internal Revenue Service (IRS).
“A badly flawed and in some cases unworkable cryptocurrency tax reporting mandate threatens future technological innovation,” said Senator Pat Toomey, who was one of the lawmakers who wrote an amendment to the infrastructure bill to exclude certain crypto companies from the reporting requirements for brokers.
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