I thought they had already implemented tax reporting on transactions larger than $10,000 many months ago.
It's not related to tax reporting. It's about the value of transactions. As said, cash has the same regulations and I guess that banks also send reporting if you make that high amount transactions.
It's sad though, since with this they keep bashing the law abiding citizen, while those who want to hide the huge transactions can still do that, pretty easy, whether it's with fiat or crypto.
That's right, they're very simply borrowing what's already happening with current fiat money transactions by applying it all to crypto. The real question is, as OP says, what could they possibly have written in 2700 pages? And more importantly how long did it take them to write all that stuff?
GPT-3 will certainly have given them a hand.
I've followed American politicians for too long and the general idea of these large spending bills is this - A bunch of politicians will get a page or two dedicated to something that might benefit their constituents or special interests groups, so no one ever reads the entire bill, and it's stuffed with a bunch of useless spending that will benefit an obscure locality in a minute way. Other larger provisions will be included of course, but they could condense it down 10 fold. They want the world to be ignorant to their spending.