Bitcoin & Crypto facing the end? This law should put an end to the industry

3 min readAug 5, 2021


A law is currently looming on the horizon that, if waved through, would “kill” bitcoin mining and the entire cryptocurrency industry in the US.

A bridge collapses somewhere in suburban Minnesota. Meanwhile, faulty pipes make drinking water unsafe in urban Michigan. At the same time, the Internet goes down in rural Kansas.

The answer to these $550 billion problems is the bipartisan infrastructure bill currently in the works in the Senate.

What does all this have to do with cryptocurrencies?

Apparently purely nothing, but actually quite a lot. Because the price for all this is to be paid by the crypto industry, among others, and in a way that could kill the industry as we know it.

But let’s go in order and take a closer look at the lifestyle heart.

It’s akin to a bitcoin mining ban in the U.S.

The bill in question contains a provision that expands the tax law definition of a broker to include “any person who is responsible (for a fee) for conducting transactions of digital assets and regularly provides services.”

This definition is so broad that, if interpreted literally, it could apply to almost any economic actor in the crypto industry in the United States.

In practice, this could mean that any PoW miner, PoS validator, and possibly even those operating in decentralized financial markets will need to meet this definition of IRS reporting requirements and file so-called 1099 forms.

To complete Form 1099, customer data such as name, address, and tax identification number must be collected. Data that many of the above players wouldn’t even be able to get to if they wanted to. They wouldn’t be able to comply with this requirement.*/,20