Introduction to the Infrastructure Bill

The much-discussed Infrastructure Bill was signed into law by President Joe Biden. While it aims to improve America’s physical infrastructure, it also contains a few provisions that could change the way cryptocurrency transactions are handled—some of which have raised eyebrows in the crypto community.

The Crypto Community vs. Section 6050I

One of the most controversial aspects of the bill is section 6050I, which classifies the failure to report digital asset transactions as a criminal offense. You read that right—criminal! This has led to many in the crypto community scratching their heads, wondering how basic transactions could land them in hot water.

Matt West: A Voice of Concern

Enter Matt West, a decentralized finance strategist turned Democratic congressional candidate, who believes there’s still room for action. “My understanding of this bill is that it has been signed, but it hasn’t taken effect yet,” he noted. This gives hope for potential amendments as lawmakers scramble to understand the implications of their legislation.

Invasive Reporting Requirements

In a particularly eyebrow-raising critique of the bill, West pointed out the absurdity of requiring NFT sellers to request a buyer’s tax ID and social security number. “All these very invasive details,” he stated, underlining how legislators might be out of touch with the community they regulate.

A Call for Education

West isn’t just voicing concerns; he’s pushing for action among his congressional peers. His stance is firm: “There’s a bunch of people right now in Congress who are trying to pass laws on things they don’t necessarily understand.” He advocates for a bipartisan effort to clarify such nuanced issues. After all, cryptocurrency is too significant to be mired in partisan banter!

Political Aspirations and Future Endeavors

Come May 17, 2022, West will be up against Loretta Smith and Derry Jackson in Oregon’s Democratic primary. He aims to rectify the legal landscape surrounding cryptocurrency if elected, proposing an amendment to revoke problematic sections of bills like the infrastructure one. With a background that includes winning a hackathon with the HEGIC token, West has shown he’s more than a legislator—he’s a catalyst for change.

The Road Ahead

The implications of the Infrastructure Bill are still unfolding, and for everyone engaged in crypto, it’s a time for vigilance. As regulations tighten and potentially stifle innovation, voices like Matt West’s might just be the antidote we need to steer legislation toward sensible, informed solutions.