Infrastructure Bill: A Threat For The Industry

Tomorrow is an important day for the crypto industry. The infrastructure bill will be put to the vote by tomorrow!

In case you do not know:

The bill could endanger innovation with blockchain technology in the US!

Why? 

The bill includes amendments that would hurt the crypto industry significantly.

These are:

  • Raising $28 billion for infrastructure funding through expanded digital asset taxation (to help brokers to report users who hold cryptocurrencies).
  • Changing the definition “broker”. Now, everybody is a “broker” who is responsible for providing any service effectuating transfers of digital assets.

Even protocol developers, miners, validators, etc., would need to KYC their customers. So, this bill would be horrible for every software developer who builds any DeFi protocol. Suddenly, developers would face significant regulatory hurdles.

Precisely this is why the bill is so controversial!

The bill is crucial for the future of the US. The questions will be:

How developer-friendly will the US be?

And will the US keep its status as the innovation leader in crypto?

Mark Warner introduced the bill. And Senator Schumer wants to quickly vote to focus on other legislation. He won’t allow amendment votes unless that happens.

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Cynthia Lummis is against the amendment. She wants to win time and doesn’t want to create hurdles that could prevent innovation. The Lummis-Wyden-Toomey amendment clarifies that validators like miners & stakers, hardware wallet providers & software developers don’t need to KYC their customers.

Lummis also stated:

So we’re at an impasse. I understand my colleagues’ positions. But real people are going to be hurt if we do not change the language in this bill.

Cynthia Lummis via Twitter

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