Before Xi-Biden Meeting | Biden Signs $1.2 Trillion Infrastructure Bill, Bitcoin Drops Below $62,000

U.S. President Biden signed into law a $1.2 trillion infrastructure bill, allocating funds to states and local governments for infrastructure projects such as roads, bridges, and expanding broadband coverage to create job opportunities across the U.S. However, controversial provisions related to cryptocurrency were also passed, causing Bitcoin to drop below the $62,000 mark to a low of $61,082.

President Biden signed the $1.2 trillion infrastructure bill, which focuses on distributing funds for infrastructure projects such as roads and bridges to states and local governments, expanding broadband coverage across the U.S., and creating a large number of job opportunities nationwide. However, the bill also contains controversial provisions related to cryptocurrencies that have now been passed. Bitcoin plummeted below the $62,000 mark, hitting a low of $61,082.

On the 15th, Biden signed this bipartisan-supported infrastructure bill on the South Lawn of the White House. In his remarks before signing, he stated that the bill demonstrates that Democrats and Republicans can come together and achieve results.

After the $1.2 trillion infrastructure bill passed, funding will be allocated annually for highways and other projects. Many aspects of this bill focus on promoting green energy, with key investments including $1.1 trillion for infrastructure such as roads and bridges, $660 billion for railways, $650 billion each for power grids and broadband, $550 billion for water pipe updates and water treatment, $390 billion for public transportation systems, $250 billion for airports, $170 billion for ports, and $75 billion each for electric vehicle charging stations and electric buses.

This bill imposes strict requirements and controversies on the cryptocurrency industry, including expanding reporting requirements for brokers. According to the bill, digital asset transactions worth more than $10,000 must be reported to the IRS. Several amendment versions were proposed in the Senate but failed to reach a consensus for approval.

Despite efforts by cryptocurrency-friendly senators such as Ron Wyden and Cynthia Lummis to make a final attempt to change the tax reporting requirement to "not applicable to developers of blockchain technology and personal wallet users" in a more restricted manner, Biden still signed the infrastructure bill into law.

This article is authorized to be republished from Horizon News Network