CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$27,088.00
  • ethereum
    ETH$1,890.24
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Bitcoin Trades Sideways as US Congress Passes The Controversial Infrastructure Bill

    Bitcoin Trades Sideways as US Congress Passes The Controversial Infrastructure Bill

    Author: Felix Mollen

    Last Updated Nov 7, 2021 @ 09:01

    “I’m so happy to say it’s infrastructure week,” Joe Biden said. Still, the Bitcoin community doesn’t share his energy and fear it could damage the industry.

    The US Congress has just passed legislation that could potentially change the way Americans think about Bitcoin and the cryptocurrency industry. The approval of the infamous Infrastructure Bill, which received a final vote of 226 to 206, is a controversial moment for the budding industry.

    If the bill is signed by US President Joe Biden, then most of the crypto businesses registered in the United States —like Coinbase, Kraken, or even a DEX developed in America— would be considered as brokers and will have to report their transactions to the IRS.

    This will require crypto traders to file 1099 forms with the IRS. American crypto businesses will also have to reveal the names and addresses of their clients.

    Because of its nature, many crypto companies voiced their concerns that the bill could affect a wide range of operators, including miners, dApp developers, exchanges, custodians, and even wallet providers.

    A Political Challenge

    Joe Biden said the bill’s approval was “a monumental step forward as a nation,” mainly because it needed the votes from the republican party in order to be approved. The approval happened thanks to an intensive debate with progressives and moderates.

    ADVERTISEMENT

    The House passed the Bipartisan Infrastructure Deal, a once-in-a-generation investment that will create millions of jobs modernizing our infrastructure, and a rule that will allow passage of my Build Back Better Act.

    We need to deliver. Yesterday, we proved we can.

    — Joe Biden (@JoeBiden) November 6, 2021

    The votes followed the parties’ political lines. Most of the democrats voted in favor of the president’s proposal. In contrast, most of the republicans voted against the democrat president’s ideas.

    Among the Democrats, the exceptions were Alexandria Ocasio-Cortez, Ilhan Omar, Rashida Tlaib, Ayanna Pressley, Jamaal Bowman, and Cori Bush, who opposed the bill in its current nature for not being enough to fulfill its primary goals. They

    Can’t wait for the full on slammed news cycle about how conservative Dems held up Biden’s bill the week of the elections for sudden demands for CBO scores and tax cuts for people with $1 million+ incomes 🙄 won’t hold my breath for it though https://t.co/eaTF01folc

    — Alexandria Ocasio-Cortez (@AOC) November 5, 2021

    As for the Grand Old Party, there were 13 Republicans who voted in favor of the proposal, a move that cemented the victory of those in favor of the Infrastructure Bill.

    Bitcoin Still Has Not Made Up Its Mind

    The Bitcoin price has not reacted too strongly in either an upward or downward direction despite the potential implications of the news.

    After reaching a new ATH at around $67K, the BTC price fell towards a low of $56.425. Since then, it recovered and started moving in a sideways channel, without much strength in the short term.

    Price of bitcoin. 4 hour candlesticks. Image: Tradingview
    Price of bitcoin. 4 hour candlesticks. Image: Tradingview

    The bill’s passage did little to change this behaviour. Bitcoin is currently swapping hands at the lower side of the channel —$61200— as traders, analysts and bitcoin entrepreneurs wait to see what happens in the near future.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • USCongress
      China's Crypto Crackdown is an Opportunity for the US, Says Senator Pat Toomey
    • bitcoin_high_cover
      Bitcoin Dipped and Recovered: The U.S. Infrastructure Bill Drama Was Just a Bump For The BTC Price
    • BitcoinMixer
      CEO of Bitcoin Mixer Pleads Guilty to Laundering $300M in BTC
    Tags: Bitcoin Regulations United States
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Felix Mollen
    More posts by this author

    Felix got into Bitcoin back in 2014, but his interest quickly expanded to everything blockchain-related. He's particularly excited about real-world applications of blockchain technology. Having worked as a professional content writer for three years before that, Felix transitioned to working on blockchain-centered projects and hasn't looked back ever since.

  • bitcoin
    BTC$27,088.00
  • ethereum
    ETH$1,890.24
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    Artificial Intelligence & Crypto Guide: Here Are the Top 5 AI Coins

    Artificial Intelligence & Crypto Guide: Here Are the Top 5 AI Coins

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!