Unconfirmed: How Congress Might Pass Laws Bad for Proof-of-Stake and DeFi - Ep.261


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Kristin Smith, executive director at the Blockchain Association, discusses the latest news on a provision in the infrastructure bill that seeks to raise $28B from the crypto industry in taxes. Show highlights:

  • how the original crypto provision within the infrastructure bill came to be
  • why the expansion of the term “broker” is problematic in the original language of the bill
  • what the Treasury and the White House have to do with this bill and how they, along with Senator Portman, are resisting change
  • how Senators Ron Wyden, Pat Toomey, and Cynthia Lummis are attempting to change the language of the provision through an amendment
  • how the crypto community rallied around Wyden's amendment
  • why Kristin believes a rival amendment put forward by Senators Warner and Portman and supported by the White House late Thursday is worse than the bill’s original language
  • when the Senate will be voting on the amendments
  • how the amendment the White House supports seems harmful to proof-of-stake networks and bad for DeFi
  • whether this is part of a master plan to regulate crypto in the US
  • what Kristin hopes happens during the vote
  • how the crypto community can have its voice heard
  • how to fix the issues within the crypto policy world so this doesn’t happen again

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Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021

Episode Links

Kristin Smith: https://twitter.com/KMSmithDC

Blockchain Association: https://theblockchainassociation.org/

Infrastructure Bill Information

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